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Fitch rates Empresas CMPC notes BBB+
Fitch Ratings said it downgraded Empresas CMPC SA's foreign-currency issuer default rating to BBB+ from A-, local-currency issuer default rating to BBB+ from A-, senior unsecured debt bond due 2013 to BBB+ from A-, national scale rating to AA(chl) from AA+(chl), and its senior unsecured local bond lines and all debt issued under these programs to AA(chl) from AA+(chl). Fitch also said it affirmed the company's national scale short-term rating at F1+ (chl) and assigned a BBB+ rating to its proposed $500 million notes due in 2019.
The outlook is stable.
The proceeds from the notes will be used to partially fund the acquisition of the Guaiba Unit from Aracruz.
The downgrades are due to increased leverage as a result of the acquisition of Guaiba pulp, paper and forest assets for $1.430 billion, Fitch said.
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