Fitch cuts Masisa

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

The outlook remains negative.

The agency said the downgrade reflects Masisa's slow process of deleveraging relative to Fitch's expectations – despite divestitures in Argentina, Brazil and Mexico – as well as its fragile cash flow generation, and still-high leverage.

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