Fitch rates Inversiones notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Inversiones CMPC's proposed $500 million notes due in 2018. The company has a foreign-currency issuer default rating of BBB+, senior unsecured notes rating of BBB+, national long-term rating of AA(cl) and national short-term rating of F1+(cl).

Inversiones CMPC is a wholly owned subsidiary of Empresas CMPC, which has foreign- and local-currency issuer default ratings of BBB+, national long-term rating of AA (cl) and national short-term rating of F1+(cl).

All of Inversiones' debt is unconditionally guaranteed by Empresas, including the proposed notes.

The proceeds will be used for general corporate purposes, including the repayment of debt.

The outlook is stable.

The ratings reflect the company's excellent business profile, Fitch said.

Concerns include the cyclicality of the company's business, especially the pulp division, the agency said.

That concern is partially mitigated by its leading positions in the Chilean, Argentine, Peruvian and Uruguayan tissue markets, Fitch added.

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