S&P lowers Masisa

S&P lowered its global scale issuer credit rating on Masisa SA to B from B+ and placed the rating on CreditWatch negative.

The downgrade reflects the rising pressures on Masisa's liquidity position given higher short-term debt concentration and reduced cash position, S&P said in a news release.

In addition, worse-than-expected operating performance will lower cash flows, further pressuring the company's ability to comply with its covenant if the sale and subsequent debt prepayment don't occur by the end of this year, the agency said.

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