Fitch affirms CAP

Fitch Ratings said it affirmed CAP SA's foreign- and local-currency issuer default ratings at BBB- and national-scale rating at A+(cl).

The ratings are supported by the company's conservative capital structure, vertical integration and leading market position with a 60% domestic market share in steel and dominant position in Chilean iron ore mining, Fitch said.

The company's solid financial performance during 2010 was mainly due to high prices for iron ore, the agency said.

CAP's liquidity is strong, Fitch added.

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