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Article: Fitch Rates Proposed Issuance by Arauco's Subsidiary, Alto Parana S.A. 'BBB+'.
- Article from:
- Business Wire
- Article date:
- May 24, 2007
CopyrightCOPYRIGHT 2007 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO -- Fitch Ratings has assigned a 'BBB+' issuer rating to the proposed $270 million issuance by Alto Parana S.A., a wholly owned Argentine subsidiary of Celulosa Arauco y Constitucion S.A. (Arauco). This issuance is unconditionally guaranteed by Arauco, which has a 'BBB+' foreign currency Issuer Default Rating (IDR) and Stable Rating Outlook. Proceeds from the issuance by Alto Parana are expected to be used for general corporate purposes and to refinance debt that comes due in 2007.
Arauco's 'BBB+' IDR is supported by its strong business position, which is a result of having one of the lowest cost structures in the industry, and its solid credit profile. In ...