Fitch rates Empresas CMPC notes BBB

Fitch Ratings said it assigned a BBB rating to the planned $500 million of 10-year senior unsecured notes to be sold by Inversiones CMPC SA and to be guaranteed by Empresas CMPC SA. Proceeds are expected to be used for general corporate purposes.

Fitch expects net leverage to remain below 2.5x during periods of low investments and projects net debt/EBITDA ratio of 2.1x for 2020 and 1.6x for 2021. CMPC's net debt was $3.4 billion as of Sept. 30, and Fitch projects a continuous reduction, absent any relevant acquisition.

The outlook is stable.

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