Fitch affirms CAP

Fitch Ratings said it affirmed CAP SA's foreign- and local-currency issuer default ratings at BBB-.

The outlook is stable.

Ratings are supported by the company's dominant presence in the Chilean steel industry, its vertical integration into iron ore, its moderate financial leverage and strong liquidity position, the agency said.

Also factored into ratings are CAP's long-term relationships with its steel and iron ore clients, the agency added.

Concerns include volatile steel prices and volume, Fitch said.

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