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Fitch affirms Copec
Fitch Ratings said it affirmed Empresas Copec SA's foreign- and local-currency issuer default ratings at BBB+, senior bond lines and bond programs at AA(cl) and long-term national scale rating at AA (cl). The outlook is stable.
The agency said Copec's ratings reflect the strong business positions and sound credit profile of its main operating subsidiaries, Celulosa Arauco y Constitucion SA, Compania de Petroleos de Chile SA and Abastecedora de Combustibles SA.
The company's recent financial performance was strong, Fitch said. For the last 12 months ended Sept. 30, the net debt-to-EBITDA ratio was 1.8 times and the total debt-to-EBITDA ratio was 2.4 times.
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