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Fitch drops Masisa to junk
Fitch Ratings said it downgraded the foreign- and local-currency issuer default ratings of Masisa SA to BB+ from BBB- and its national scale ratings to A-(chl) from A(chl).
The agency assigned a short-term national scale rating of F1(chl).
The outlook is stable.
Fitch said the downgrades are a result of the very difficult market the company faces during 2009 as a result of the financial crisis.
As a result of higher leverage and no growth in EBITDA, Masisa's total debt-to-EBITDA ratio grew to 4x from 3.7x during 2007, while its net debt-to-EBITDA ratio rose to 3.7x from 3.5x, the agency noted.
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