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S&P shifts Empresas CMPC view to positive
S&P said it revised the outlook on Empresas CMPC SA to positive from stable and affirmed the BBB- ratings on the company and its senior unsecured notes.
“Following a prolonged downturn on pulp prices during 2019 and 2020, we believe 2021 will register a strong recovery. We expect CMPC's averaged realized prices to rise to about $660-$680 per ton in 2021, compared to $500 per ton in 2020, which––combined with good operational performance in the company's tissue and packaging segments–will result in a considerable drop in leverage,” the agency said in a press release.
The outlook reflects the one-in-three chance the agency will upgrade CMPC’s ratings in the next 12 to 24 months if the company's operational performance remains solid and its financial discipline continues cushioning price volatility, S&P said.
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