Chile http://www.alacrastore.com/country-snapshot/Chile Saturday, July 26, 2008 8:01:12 AM en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/661422spcred/661422normThe latest News from S&Pglobal7/24/2008 6:44:31 PM100News661422ChilePackaged Foods & MeatsEmerging MarketsLatin AmericaGlobal IssuersCorporationsNewsBUENOS AIRES (Standard&Poor's) July 24, 2008--Standard&Poor's Ratings Services said today that it revised its outlook on the Chilean sugar and agribusiness producer Empresas Iansa S.A. (IANSA; BB+/--) to negative from positive. "The action reflects the higher-than-expected deterioration in the company's financial metrics as a result of weaker cash-flow generation levels and greater use of debt to finance increased working capital needs (related to the merger with Jugos Concentrados S.A.) and capital expenditures," said Standard&Poor's credit analyst Ivana Recalde. For 2008, we expect financial metrics to remain weak as a consequence of lower profitability levels in the sugar business (given the reduction in sugar volumes produced in the domestic market that present higher margins thanCHL30202030 302020 3020 30Empresas Iansa S.A.300526EMERGINGLATAMERICAIANSA@CINEWSGLOBISSCORPCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661423spcred/661423normThe latest Research Update from S&Pglobal7/24/2008 6:44:00 PM175Research Update661423ChilePackaged Foods & MeatsEmerging MarketsLatin AmericaGlobal IssuersCorporationsResearch UpdateOn July 24, 2008, Standard&Poor's Ratings Services revised its outlook on the Chilean sugar and agribusiness producer Empresas Iansa S.A. (IANSA; BB+/--) to negative from positive. The action reflects the higher-than-expected deterioration in the company's financial metrics as a result of weaker cash-flow generation levels and greater use of debt to finance increased working capital needs (related to the merger with Jugos Concentrados S.A) and capital expenditures. For 2008, we expect financial metrics to remain weak as a consequence of lower profitability levels in the sugar business (given the reduction in sugar volumes produced in the domestic market that present higher margins than imports). This would be only partially compensated by improvements in the juice business and inCHL30202030 302020 3020 30Empresas Iansa S.A.300526EMERGINGLATAMERICAIANSA@CIRESUPDCHL45073A30202030 302020 3020 30Iansa Overseas Ltd.307803EMERGINGLATAMERICAGLOBISSCORPCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661031spcred/661031normThe latest Full Report from S&Pglobal7/23/2008 10:25:13 AM400Full Report661031ChileDiversified BanksEmerging MarketsLatin AmericaGlobal IssuersFinancial InstitutionsFull ReportAbove-average asset quality Adequate capitalization Operating in the low-risk Chilean environment Below-average profitability Relatively low business diversification Dependence on institutional investors to fund operations Standard&Poor's Ratings Services' ratings on Banco Security (SECURITY) mainly reflect the bank's conservative credit risk management and above-average asset quality. Lower margins in the Chilean banking industry, the bank's still-low but increasing business diversification, and dependence of its funding on institutional investors somewhat counterbalance the positive factors. Given fierce competition and the increasing disintermediation in Chile, SECURITY has reinforced its business strategy, maintaining its good position in the large corporate segment and expanding its business with midsize companies and high-income individuals (total retail customers increased to around 32,000 in December 2007 from about 22,000CHL40101010 401010 4010 40Banco Security382356EMERGINGLATAMERICAFULLGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661032spcred/661032normThe latest Summary from S&Pglobal7/23/2008 10:25:13 AM175Summary661032ChileDiversified BanksEmerging MarketsLatin AmericaGlobal IssuersFinancial InstitutionsSummaryStandard&Poor's Ratings Services' ratings on Banco Security (SECURITY) mainly reflect the bank's conservative credit risk management and above-average asset quality. Lower margins in the Chilean banking industry, the bank's still-low but increasing business diversification, and dependence of its funding on institutional investors somewhat counterbalance the positive factors. Given fierce competition and the increasing disintermediation in Chile, SECURITY has reinforced its business strategy, maintaining its good position in the large corporate segment and expanding its business with midsize companies and high-income individuals (total retail customers increased to around 32,000 in December 2007 from about 22,000 in December 2006 and are currently approximately 40,000). As of March 31, 2008, total loans (excluding interbank loans) reached Chilean pesos (CHP) 1,693 billionCHL40101010 401010 4010 40Banco Security382356EMERGINGLATAMERICASUMMARYGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/datamonitoress/DBCM3089datamonitoress/DBCM3089pdf...The Chilled food market consists of Ch illed fish/seafood, Deli food, Chilled fresh pas ta, Chilled meat products, Sandwiches/sal ads, Chilled ready meals and Chilled pizza. ... Databook495.007/21/2008 2:08:37 PM605FoodChilled and Deli FoodChileDBCM3089Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/datamonitoress/DBCM2968datamonitoress/DBCM2968pdf...The Chilean R eady Meals market volume totaled ## million kg in ####, representing a CAGR of #.#% since ####. ... Databook495.007/21/2008 2:07:54 PM615FoodReady MealsChileDBCM2968Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/datamonitoress/DBCM1902datamonitoress/DBCM1902pdf...The Savory snacks market consists of Popcorn, Processed snacks, Nuts & seeds , Potato chips and Other savory snacks. ... Databook495.007/21/2008 2:06:25 PM617FoodSnacksChileDBCM1902Market ResearchDatamonitor Premium Research Reportshttp://www.alacrastore.com/storecontent/spcred/538783spcred/538783normThe latest Full Report from S&Pglobalstructuredpubfin7/18/2008 3:04:57 AM400Full Report538783ChileHighways & RailtracksEmerging MarketsLatin AmericaStructured FinancePublic FinanceGlobal IssuersUtilitiesAsset-Backed Commercial PaperAsset-Backed SecuritiesCollateralized Debt ObligationsCommercial MBSResidential MBSCorporationsFinancial InstitutionsInternational Public FinanceInsuranceFull ReportOn Oct. 12, 2006, Standard&Poor's Ratings Services assigned its preliminary 'AAA' senior secured debt rating to the approximately US$39 million new wrapped fixed-rate notes to be issued by Chile-based toll-road operator Talca-Chillán Sociedad Concesionaria S.A. (TACHI). The notes were also assigned a Standard&Poor's underlying rating (SPUR) of 'BBB'. The ratings on the outstanding wrapped fixed-rate 3.04% unidades de fomento (inflation-protected units; UF) 5.65 million notes with final maturity in 2019 are affirmed. The outlook is stable. The new notes will be issued in the amount of UF1.12 million, with final maturity in 2021. Proceeds from the issuance will go toward canceling an existing debt with the construction company and toward other corporate purposes. The ratings assignedCHL20305020 203050 2030 20Talca-Chillan Sociedad Concesionaria S.A.390743EMERGINGLATAMERICAFULLNLDUSA00078J0007W0N02601N0264DN0265S00077D00077T55276GN0264LN026EV00077Q00079F00083GN002A3N0263600078U00080Q5526FAN0264A40203010 402030 4020 4040201040 402010 4020 40ABN AMRO Bank N.V.MBIA Insurance Corp.102647109079ASIACANEMERGINGLATAMERICAEUROMIDAFRPACUSA1054Z@NA16302ZSTRUCPUBFINGLOBISSUTILABCPABSCDOCMBSRMBSCORPFIGOVSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/538785spcred/538785normThe latest Summary from S&Pglobalstructuredpubfin7/18/2008 3:04:57 AM175Summary538785ChileHighways & RailtracksEmerging MarketsLatin AmericaGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsInternational Public FinanceInsuranceUtilitiesAsset-Backed Commercial PaperAsset-Backed SecuritiesCollateralized Debt ObligationsCommercial MBSResidential MBSSummaryOn Oct. 12, 2006, Standard&Poor's Ratings Services assigned its preliminary 'AAA' senior secured debt rating to the approximately US$39 million new wrapped fixed-rate notes to be issued by Chile-based toll-road operator Talca-Chillán Sociedad Concesionaria S.A. (TACHI). The notes were also assigned a Standard&Poor's underlying rating (SPUR) of 'BBB'. The ratings on the outstanding wrapped fixed-rate 3.04% unidades de fomento (inflation-protected units; UF) 5.65 million notes with final maturity in 2019 are affirmed. The outlook is stable. The new notes will be issued in the amount of UF1.12 million, with final maturity in 2021. Proceeds from the issuance will go toward canceling an existing debt with the construction company and toward other corporate purposes. The ratings assignedCHL20305020 203050 2030 20Talca-Chillan Sociedad Concesionaria S.A.390743EMERGINGLATAMERICASUMMARYNLDUSA00080Q5526FAN02636N0264AN0264DN026EV00077T00079F0007W000083GN02601N0264L00077Q00078UN002A300077D00078J55276GN0265S40203010 402030 4020 4040201040 402010 4020 40ABN AMRO Bank N.V.MBIA Insurance Corp.102647109079ASIAPACUSAEUROMIDAFREMERGINGLATAMERICACAN1054Z@NA16302ZGLOBISSSTRUCPUBFINCORPFIGOVSINSUTILABCPABSCDOCMBSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660281spcred/660281normThe latest Full Report from S&Pglobal7/17/2008 6:35:28 PM400Full Report660281ChilePaper ProductsEmerging MarketsLatin AmericaGlobal IssuersCorporationsForest ProductsFull ReportStrong competitive position Good operating practices that translate into competitive cost Well-structured debt profile and adequate financial flexibility Good product diversity Exposure to cyclical commodity agribusiness risks Relative vulnerability to more volatile Latin American economies The ratings on Empresas CMPC S.A. (CMPC) and its subsidiary, Inversiones CMPC S.A., reflect the company's strong business mix, solid competitive position in the Chilean and Argentine tissue markets, competitive cost profile, and intermediate financial policy. Those strengths help to moderate the effects of the cyclical forest products industry and the market volatility affecting sales in the Latin American countries where the company operates. CMPC has performed better than most of its peers during industry downturns because of its cost advantages, product diversity, and strongCHL15105020 151050 1510 15Empresas CMPC S.A.300280EMERGINGLATAMERICACMPC@CIFULLCHL46128MInversiones CMPC S.A.323865LATAMERICAEMERGING1012Z@CIGLOBISSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/660285spcred/660285normThe latest Summary from S&Pglobal7/17/2008 6:35:00 PM175Summary660285ChilePaper ProductsEmerging MarketsLatin AmericaGlobal IssuersCorporationsForest ProductsSummaryThe ratings on Empresas CMPC S.A. (CMPC) and its subsidiary, Inversiones CMPC S.A., reflect the company's strong business mix, solid competitive position in the Chilean and Argentine tissue markets, competitive cost profile, and intermediate financial policy. Those strengths help to moderate the effects of the cyclical forest products industry and the market volatility affecting sales in the Latin American countries where the company operates. CMPC has performed better than most of its peers during industry downturns because of its cost advantages, product diversity, and strong competitive position in its local markets. Strong brand loyalty and proprietary distribution channels enable CMPC to control 76% of the Republic of Chile's tissue market, while expanding market penetration in other South American markets andCHL15105020 151050 1510 15Empresas CMPC S.A.300280EMERGINGLATAMERICACMPC@CISUMMARYCHL46128MInversiones CMPC S.A.323865EMERGINGLATAMERICA1012Z@CIGLOBISSCORPForestCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/659868spcred/659868normThe latest Summary from S&Pglobalstructured7/16/2008 1:04:12 PM175Summary659868ChileIndependent Power Producers & Energy TradersEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceUtilitiesCollateralized Debt ObligationsElectricSummaryThe 'BBB' ratings on Chilean largest power generation company, Empresa Nacional de Electricidad S.A. (Endesa Chile), mainly reflect the strong credit risk profile of its Chilean power generation assets, partly offset by investments in weaker economies such as Argentina, Brazil, Colombia, and Perú, which provide some diversity, but expose the company to greater economic and financial volatility. Endesa Chile enjoys a leading market position in Chile and benefits from a favorable regulatory and pricing environment for power generation in that country. However, as Endesa Chile is largely a hydropower generator, it is highly exposed to hydrology risk, which is partially offset by its conservative commercial policy. The ratings also reflect Endesa Chile's good cash flow generation in Chile, adequate consolidatedCHL29244T29245S29244755105010 551050 5510 55Empresa Nacional de Electricidad S.A., (Endesa) Chile120485EMERGINGLATAMERICAENDESA@CISUMMARYGLOBISSSTRUCUTILCDOElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/659674spcred/659674normThe latest News from S&Pglobalstructured7/15/2008 12:55:00 PM100News659674ChileIntegrated Oil & GasEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceCorporationsSovereignsUtilitiesAsset-Backed SecuritiesEnergyNewsBUENOS AIRES (Standard&Poor's) July 15, 2008--Standard&Poor's Ratings Services said today that its rating on Chilean state-owned oil and gas company Empresa Nacional de Petroleo (ENAP; A/Stable/--) is not affected by the recent $250 million capital infusion approved by its 100% owner, the Republic of Chile (LC: AA/Stable/A-1+; FC: A+/Stable/A-1). This capital infusion (and other measures to strengthen ENAP's financial position) was approved by the Chilean Congress in late June 2008, and is expected to become effective in the upcoming weeks. These measures reinforce our assessment of ENAP's increasing importance as a public-policy entity, the strong integration between the company and the government, and potential parent support. Our rating on ENAP follows our government-related entity criteria, wherebyCHL29245J10102010 101020 1010 10Empresa Nacional de Petroleo301049EMERGINGLATAMERICA1030Z@CINEWSCHL168863Chile (Republic of)120283EUROMIDAFREMERGINGLATAMERICAUSA45793Z@CIGLOBISSSTRUCCORPSOVUTILABSEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/659364spcred/659364normThe latest Summary from S&Pglobal7/14/2008 12:01:12 PM175Summary659364ChileElectric UtilitiesEmerging MarketsLatin AmericaGlobal IssuersUtilitiesElectricSummaryThe 'BBB' ratings on Chile-based electricity provider Enersis S.A. reflects its satisfactory business risk profile resulting from the strong creditworthiness of its Chilean investments, its solid competitive position in the countries where it operates (Argentina, Brazil, Chile, Colombia, and Perú), and the favorable economic conditions and growing demand for power in the region. These factors are partly offset by the higher risk of its non-Chilean investments and the exposure of its 60%-owned subsidiary, Empresa Nacional de Electricidad S.A. (Endesa Chile; BBB/Stable/--) to droughts. In addition, the ratings reflect Enersis' intermediate financial risk profile resulting from its moderate leverage (consolidated debt to total capital at 39.5% as of March. 31, 2008, and consolidated debt to EBITDA of 2.4x in the 12CHL29274F55101010 551010 5510 55Enersis S.A.130093EMERGINGLATAMERICAENERSIS@CISUMMARYGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/658886spcred/658886normThe latest Summary from S&Pglobal7/10/2008 1:02:53 PM175Summary658886ChileDiversified Metals & MiningEmerging MarketsLatin AmericaGlobal IssuersCorporationsMetals & MiningSummaryThe ratings on Chile-based copper producer Corporación Nacional del Cobre de Chile (Codelco) reflect the company's strong market position as the world's largest integrated copper mining company, with ample high-grade copper ore reserves, its globally competitive cost structure, and its direct ownership by, and strategic importance to, its 100% shareholder, the Republic of Chile (Foreign Currency: A+/Stable/A-1; Local Currency: AA/Stable/A-1+). These strengths are partly counterbalanced by the industry's inherent cyclicality, which results in volatile copper prices and cash flow generation; a lack of geographic diversification on the production side, with all operations in Chile; the heavy tax and dividend burden imposed by the Chilean government; and the company's aggressive financial policy. Standard&Poor's rates Codelco according to its criteriaCHL21987B15104020 151040 1510 15Corporacion Nacional del Cobre de Chile318134EMERGINGLATAMERICA1006Z@CISUMMARYGLOBISSCORPMetalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/658182spcred/658182normThe latest Summary from S&Pglobalstructured7/7/2008 10:36:00 AM175Summary658182ChileSteelEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceCorporationsCollateralized Debt ObligationsMetals & MiningSummaryThe ratings on Chile-based integrated ferrous metal holding company CAP S.A. reflect its satisfactory business risk profile and intermediate financial risk profile. The business risk profile is based on the company's strong competitive position as the country's sole integrated steel producer, its dominant market share in the small, but growing, Chilean steel market, and its relatively large medium- and long-term export contracts for iron ore. However, these strengths are partly offset by the company's small size on a global scale and the relatively low ore grade of its mining reserves, which result in higher operating costs than those of its large competitors (mainly high-grade Brazilian and Australian mines). Also, CAP is exposed to the cyclicality of the iron ore andCHL12476A15104050 151040 1510 15CAP S.A.403145EMERGINGLATAMERICACAP@CISUMMARYGLOBISSSTRUCCORPCDOMetalsCredit & Investment ResearchS&P Credit 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/656786spcred/656786normThe latest Summary from S&Pglobal6/27/2008 3:31:39 PM175Summary656786ChileElectric UtilitiesEmerging MarketsLatin AmericaGlobal IssuersUtilitiesElectricSummaryThe ratings on Empresa Eléctrica del Norte Grande S.A. (Edelnor) mainly reflect its volatile cash flow generation and market environment in which the company operates (partly resulting from high natural gas shortages and volatile diesel oil prices). These weaknesses are mainly offset by Edelnor's diversified generation base (mainly coal and natural gas), adequate commercial strategy, expected stabilization of its cash flow generation in the 2008-2012 period and high cash reserves, which are expected to provide adequate protection to its financial obligations. Edelnor operates in Chile's Northern Interconnected System (SING), where about 60% (or about 2,100 MW) of the nearly 3,600 MW of total installed generation capacity depends on natural gas imported from Argentina. The SING has been facing rising natural-gasCHL29244655101010 551010 5510 55Empresa Electrica del Norte Grande S.A.304408EMERGINGLATAMERICAEDELNOR@CISUMMARYGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/655913spcred/655913normThe latest Summary from S&Pglobal6/24/2008 6:28:25 PM175Summary655913ChileMarineEmerging MarketsLatin AmericaGlobal IssuersCorporationsTransportationSummaryThe rating on Chile-based Compañía Sud Americana de Vapores (CSAV) reflects its exposure to the highly cyclical nature of the containership industry, the company's aggressive fleet composition, and the weaker-than-peers credit measures on a lease-adjusted basis. These factors are partially offset by CSAV's strong market position in the Americas, its smooth debt profile, and strong liquidity. CSAV is the largest containership company in Latin America, with services covering east-west, intra-America, and Asian routes. With more than 60% of its revenues coming from the containership business segment and given the share of its fleet under long-term charter contracts, the company's profit margins are more exposed to sudden market downturns than are competitors with larger weights of owned fleet. Since second-quarter 2007,CHL20448T20303010 203030 2030 20Compania Sud Americana de Vapores127474EMERGINGLATAMERICAVAPORES@CISUMMARYGLOBISSCORPTransportationCredit & Investment ResearchS&P Credit Research