Moody's cuts Alto Parana outlook to negative

Moody's Latin America said it changed the outlook for Alto Parana SA's $ 270 million fully guaranteed notes to negative from stable and affirmed the Baa2 foreign currency debt rating at the current rating level of the guarantor company, Celulosa Arauco y Constitucion SA.

At the same time, Moody's said it affirmed Alto Parana's Ba3 global local currency corporate family rating and the Aaa.ar national-scale rating.

The outlook remains stable.

According to the agency, the Ba3 global local currency corporate family rating incorporates a two-notch rating uplift to the company's standalone credit profile provided by the implicit support from Alto Parana's parent company, Arauco.

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