Moody's may cut Arauco

Moody's Investors Service said it placed the Baa2 senior unsecured ratings of Celulosa Arauco y Constitucion SA on review for downgrade.

The Baa2 rated notes of Arauco's Argentinean subsidiary Alto Parana were also placed on review for downgrade, as these notes are guaranteed by Arauco.

The agency said the review for downgrade was prompted by the recent deterioration in company's performance, and specifically, increase in debt leverage to levels that are not consistent with current rating.

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