S&P affirms Celulosa Arauco

Standard & Poor's affirmed its rating on Celulosa Arauco y Constitución SA after the company announced its decision to temporarily shut down the Valdivia pulp mill. The company also announced that the mill would remain closed until the authorities clarify the legal and technical requirements for the project to operate.

The outlook remains stable.

S&P said Arauco has faced significant controversies related to environmental concerns surrounding the Valdivia mill in the past months, which continued even after Chile's Supreme Court allowed the plant to continue operations.

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