Moody's Reviews Chilean Paper Credits

Moody's Reviews Chilean Paper Credits

Moody’s has placed Celulosa Arauco’s Baa2 rating and CMPC’s Baa2 ratings on review for downgrade, it says, as debt levels will challenge the two Chilean pulp producers. Arauco’s review was prompted by the recent deterioration in company's performance, specifically an increase in leverage to levels inconsistent with its rating. Its debt has increased by $1.3bn in the past 12 months. “At the same time, the company's EBITDA deteriorated, largely due to significant deterioration in pulp prices over

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