S&P: Iansa view stable

Standard & Poor's said it affirmed Empresas Iansa SA's CCC+ long-term counterparty credit rating and revised the outlook to stable from negative.

"We revised our outlook on Iansa because we see its financial flexibility as slightly improving, given that it has withstood the harvest season (which often demands additional working capital) and been able to reduce debt levels slightly," S&P analyst Diego Ocampo said in a statement.

Ratings reflect the challenges the company has faced during the 2008 to 2009 season, when sugar beet shortages made production costs soar, the agency said.

Ratings also incorporate Iansa's relatively less-efficient production process and low portion of owned land, the agency noted.

The company's leading position as Chile's only sugar producer and main importer, its long-dated commercial relationships with beet farmers and its nation-wide distribution network partly mitigate negative factors, S&P said.

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