Sociedad de Inversiones Pampa Calichera S.A. http://www.alacrastore.com/company-snapshot/Sociedad_de_Inversiones_Pampa_Calichera_S_A-2110524 Monday, October 13, 2008 1:45:45 AM 2110524 Sociedad de Inversiones Pampa Calichera S.A. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/441997_pr_framefitch/441997_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Sociedad de Inversiones Pampa Calichera S.A.870670588706706110/3/2008 6:33:47 PM010300000103120085Press ReleaseCALICHERA.A441997_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/656780spcred/656780normThe latest News from S&Pglobal6/27/2008 3:31:39 PM100News656780ChileFertilizers & Agricultural ChemicalsEmerging MarketsLatin AmericaGlobal IssuersCorporationsChemicalsNewsBUENOS AIRES (Standard&Poor's) June 27, 2008-- Standard&Poor's Ratings Services said today that it placed its 'BB-' corporate credit and senior secured ratings on Sociedad de Inversiones Pampa Calichera S.A. (Pampa) on CreditWatch with negative implications. "The CreditWatch is based on the sizable amount of debt obtained at the controlling holding companies above Pampa that was used to strengthen Mr. Julio Ponce's stake in Pampa," said Standard&Poor's credit analyst Diego Ocampo. Those transactions included the acquisition of several minority stakes coupled with the acquisition of the 49% stake of YARA International at Inversiones SQYA, Pampa's ultimate controlling parent company. Following those acquisitions, Mr. Ponce--through Inversiones SQYA and its subsidiaries, Norte Grande and Oro Blanco--increased itsCHL83363T15101030 151010 1510 15Sociedad de Inversiones Pampa Calichera S.A.412660EMERGINGLATAMERICACALICH@CINEWSNORCHL98485183363615101030 151010 1510 15Sociedad Quimica y Minera de Chile, S.A.Yara International ASA307564383905EMERGINGEUROMIDAFRLATAMERICASQM/B@CIYAR@NOGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656781spcred/656781normThe latest Research Update from S&Pglobal6/27/2008 3:31:39 PM175Research Update656781ChileFertilizers & Agricultural ChemicalsEmerging MarketsLatin AmericaGlobal IssuersCorporationsChemicalsResearch UpdateOn June 27, 2008, Standard&Poor's Ratings Services placed its 'BB-' corporate credit and senior secured ratings on Sociedad de Inversiones Pampa Calichera S.A. (Pampa) on CreditWatch with negative implications. The CreditWatch is based on the sizable amount of debt obtained at the controlling holding companies above Pampa that was used to strengthen Mr. Julio Ponce's stake in Pampa. Those transactions included the acquisition of several minority stakes coupled with the acquisition of the 49% stake of YARA International at Inversiones SQYA, Pampa's ultimate controlling parent company. Following those acquisitions, Mr. Ponce--through Inversiones SQYA and its subsidiaries, Norte Grande and Oro Blanco--increased its stake in Pampa Calichera to 70.37% from 25.13%. In Standard&Poor's opinion, as a directCHL83363T15101030 151010 1510 15Sociedad de Inversiones Pampa Calichera S.A.412660EMERGINGLATAMERICACALICH@CIRESUPDCHLNOR98485183363615101030 151010 1510 15Sociedad Quimica y Minera de Chile, S.A.Yara International ASA307564383905LATAMERICAEMERGINGEUROMIDAFRSQM/B@CIYAR@NOGLOBISSCORPChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/632360spcred/632360normThe latest Full Report from S&P2/25/2008 3:42:29 PMFull Report400global632360ChileFertilizers & Agricultural ChemicalsEmerging MarketsLatin AmericaGlobal IssuersCorporationsCapital GoodsChemicalsFull ReportGood cash flow generation of the underlying asset, Sociedad Quimica y Minera de Chile S.A. (SQM) No significant principal maturities in the next five years Volatile SQM dividend flow Weak debt service coverage under conservative price scenarios High refinancing risk Standard&Poor's Ratings Services' ratings on Sociedad de Inversiones Pampa Calichera S.A. (Pampa) reflect the company's high leverage; its expected volatile debt-service coverage, which varies according to SQM's (BBB+/Stable/--) bottom-line performance; and our concerns regarding SQM's ownership structure. The ratings benefit from the relatively long tenor of Pampa's debt, with no principal maturities until 2018; a conservative dividend policy limited to the 30% minimum legal payout; and SQM's volatile but strong ability to generate cash flow. Pampa's cash flowsCHL83363T15101030 151010 1510 15Sociedad de Inversiones Pampa Calichera S.A.412660EMERGINGLATAMERICACALICH@CIFULLCHL83363615101030 151010 1510 15Sociedad Quimica y Minera de Chile, S.A.307564LATAMERICAEMERGINGSQM/B@CIGLOBISSCORPCapitalChemicalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/632362spcred/632362normThe latest Summary from S&P2/25/2008 3:42:29 PMSummary175global632362ChileFertilizers & Agricultural ChemicalsEmerging MarketsLatin AmericaGlobal IssuersCorporationsChemicalsCapital GoodsSummaryStandard&Poor's Ratings Services' ratings on Sociedad de Inversiones Pampa Calichera S.A. (Pampa) reflect the company's high leverage; its expected volatile debt-service coverage, which varies according to SQM's (BBB+/Stable/--) bottom-line performance; and our concerns regarding SQM's ownership structure. The ratings benefit from the relatively long tenor of Pampa's debt, with no principal maturities until 2018; a conservative dividend policy limited to the 30% minimum legal payout; and SQM's volatile but strong ability to generate cash flow. Pampa's cash flows depend exclusively on the dividend payments SQM makes. SQM's dividend stream is volatile, following the price cycles of SQM's product portfolio, its capital expenditure (capex) requirements, and the use of different financing alternatives. At 65%, SQM's dividend payout is relativelyCHL83363T15101030 151010 1510 15Sociedad de Inversiones Pampa Calichera S.A.412660EMERGINGLATAMERICACALICH@CISUMMARYCHL83363615101030 151010 1510 15Sociedad Quimica y Minera de Chile, S.A.307564LATAMERICAEMERGINGSQM/B@CIGLOBISSCORPChemicalsCapitalCredit & Investment ResearchS&P Credit Research