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Fitch Affirms Celulosa Arauco y Constitucion's IDRs at 'BBB+'; Assigns 'AA(chl)' Nat'l Scale Rating.

Article Excerpt
CHICAGO -- Fitch Ratings affirms Celulosa Arauco y Constitucion S.A.'s (Arauco) Issuer Default Ratings (IDR) and debt ratings as follows:

--Foreign Currency IDR at 'BBB+';

--Local Currency IDR at 'BBB+';

--Senior unsecured debt due in 2009, 2010, 2011, 2013, 2015 and 2017 at 'BBB+';

--Senior unsecured debt due in 2017 issued by Alto Parana S.A. and guaranteed by Arauco at 'BBB+';

--Senior unsecured Chilean peso denominated bond lines due in 2014 and 2029 at 'AA(chl)'.

In conjunction with the rating affirmations, Fitch assigns a national scale rating of 'AA(chl)' to Arauco.

The Rating Outlook for all of Arauco's ratings remains Stable.

The ratings are supported by Arauco's strong business position and financial profile. The ratings also take into consideration Arauco's vast ownership of forestry plantations throughout Latin America and the highly liquid nature of these assets, as well as management's ability to manage growth and its...

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