Moody's affirms Inversiones CMPC; outlook stable

Moody's Investors Service said it affirmed the Baa2 senior unsecured rating of Inversiones CMPC SA and revised the outlook to stable from positive.

Given the challenging global economy, declining pulp prices and margins, and the company's lack of either a sizeable committed credit facility or a stated goal regarding its liquidity policies, and Moody's said it believes a stable outlook is warranted at this time.

The Baa2 rating recognizes the company's timberland value and market position as one of the world's largest and low cost pulp producers with integrated paper operations throughout South America, the agency noted.

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