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Fitch Rates Celulosa Arauco y Constitucion's $500MM Notes 'BBB+'.

Publication: Investment Weekly News
Publication Date: 08-AUG-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Fitch Ratings has assigned a 'BBB+' rating to Celulosa Arauco y Constitucion S.A.'s (Arauco) USD 500 million, 7.25% notes due July 29, 2019. Proceeds from this debt issuance will be used to repay upcoming debt amortizations and for general corporate purposes.

The rating takes into consideration Arauco's solid business position globally and its strong financial profile. Between 2003 and 2008, Arauco averaged a funds from operations (FFO)/adjusted leverage ratio of 2.2 times (x) and a net debt/EBITDA ratio of 1.9x. During this time period, the company spent almost USD 4 billion on capital expenditures and acquisitions. As a result of these investments, the company is the second largest producers of market pulp in the world and one of the leading producers...

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