S&P lowers Empresas CMPC

Standard & Poor's said it lowered its ratings on Empresas CMPC SA to BBB- from BBB. The outlook is stable.

The rating action follows S&P's downward revision of the company's financial risk profile to "significant" from "intermediate" because S&P expects its main credit metrics to be in line with a "significant" financial risk profile at least through 2016.

The weaker-than-expected credit metrics result mainly from the company's decision to build a second processing line for hardwood pulp, with a total capacity of 1.3 million tons and a total investment estimated at $2.1 billion, at its Guaiba plant in Brazil.

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