Fitch assigns Inversiones BBB+

Fitch Ratings said it affirmed the BBB+ foreign- and local-currency issuer default ratings of Empresas CMPC SA, and affirmed its AA(cl) long-term national scale rating and F1+(cl) short-term national scale rating.

The agency also affirmed wholly owned subsidiary, Inversiones CMPC SA's senior unsecured $300 million guaranteed notes due 2013 at BBB+ and senior unsecured $500 million guaranteed notes due 2019 at BBB+.

Fitch also affirmed Inversiones' bond programs at AA(cl) and its commercial paper program at F1+(cl).

Fitch said it assigned Inversiones a BBB+ foreign-currency issuer default rating, AA(cl) long-term national scale rating and F1+(cl) short-term national scale rating.

The outlook is stable.

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

The cyclicality of the pulp division is somewhat mitigated by the company's leading positions in the Chilean, Argentine, Peruvian and Uruguayan tissue markets, the agency said.

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