Fitch: Empresas, Inversiones views to negative

Fitch Ratings has affirmed the long-term foreign- and local-currency issuer default ratings on Empresas CMPC SA at BBB+.

The outlook was revised to negative from stable.

The agency also said it affirmed the long-term foreign-currency issuer default rating on Inversiones CMPC SA at BBB+ and revised its outlook to negative from stable.

The outlook revision reflects an expectation that leverage will remain at more than 3x in 2016, which is materially higher than previously projected, Fitch said.

Despite higher pulp sales volume, company results were negatively impacted by strengthening of the U.S. dollar, soft pulp prices and lower sales in the paper division, the agency said.

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