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S&P revises Masisa to stable
Standard & Poor's said it revised its outlook on Masisa SA to stable from negative and affirmed its B+ ratings on the company.
The outlook revision follows Masisa's Feb. 4 announcement of its cash tender offer for $100 million on its $300 million 9½% senior unsecured bond due 2019. The company financed the tender offer with proceeds from non-core asset sales of $82 million and new debt of $18 million.
As a result of the debt reduction, S&P now expects Masisa's net debt to EBITDA to drop to about 4 times in the next two years from 5.1 times in the 12 months ended Sept. 30, 2015.
The rating constraint is the company's less-than-adequate liquidity, as a result of limited headroom under its covenants.
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