Fitch affirms Masisa

Fitch Ratings said it affirmed Masisa SA's foreign- and local-currency issuer default ratings at BB, the national-scale ratings on its bonds at A-(cl) and its short-term rating at F1(cl). Fitch assigned a national-scale rating of A-(cl) to the company.

The outlook is stable.

Masisa's ratings reflect its sound business position within Latin America as a leading producer of boards, with operations in Chile, Brazil, Argentina, Venezuela and Mexico, the agency said.

The company also has a strong presence in other markets throughout Latin America due to its Placacentros retail stores and commercial offices and exports to countries outside the region such as the United States and Asia, the agency added.

The ratings factor in Masisa's moderate leverage as well as the difficult operating environments of Venezuela and to a lesser extent Argentina, the agency noted.

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