Fitch affirms Masisa

Fitch Ratings said it affirmed the foreign and local currency issuer default ratings of Masisa SA at B+ and its national long-term rating at BBB(cl).

The outlook remains negative.

“Masisa's ratings reflect the company's still weak cash flow generation and high leverage, pressured by declining demand for wood boards in Latin America, the weak currencies in several markets and the still struggling economic condition of Argentina,” the agency said in a news release.

“It also reflects concern about a decline in the company's size and presence in the global board market after the sale of operations in Argentina, Brazil and the expected sale of operations in Mexico.”

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