Fitch assigns new Masisa ratings

Fitch Ratings said it assigned a BBB- foreign and local currency rating and an A-(chl) national scale rating to the company that has emerged from the merger of Masisa SA and Terranova SA (the new Masisa).

The outlook is stable.

In conjunction with these rating actions, Fitch has affirmed the existing BBB- foreign and local currency ratings of Masisa, as well as its A-(chl) national scale rating. The former rating applies to the $45 million private placement, while the later rating applies to the Chilean peso-denominated bonds issued by the company (Bond no. 355 and Bond no. 356).

At the same time, Fitch has changed the existing outlook of Masisa's international debt to stable from negative. In a related move, Fitch has affirmed the existing A-(chl) national scale rating of Terranova and the outlook remains stable for this company. This rating applies to Terranova's Bond no. 336.

These rating actions follow the approval of the merger of Masisa into Terranova by both companies' shareholders at their annual meetings held on April 12 and April 13, respectively. Terranova owned 52.4% of Masisa prior to this transaction.

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