Fitch: Chilean corporates respond

Chilean corporates have responded to the credit crisis by accelerating refinancing activities and increasing liquidity as several companies have started the process of registering new bond lines and commercial paper programs.

The Chilean bond market's size is $50 billion and liquidity in the market is provided by the local pension funds, the agency said.

"The Chilean debt markets remain open for business," said Rina Jarufe, a senior director at Fitch.

Despite the very challenging conditions, deals are getting done amid the tight global liquidity, albeit at higher spreads, the agency said, noting that case in point is the Angamos $1.0 billion project financing that was closed during the height of the credit crisis.

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