The stable outlook reflects our expectation that CAP will be able to partly offset the side effects of losing the ship loader at the Guacolda 2 Port--which increases logistic costs and limits export capacity--by using nearby ports and by the higher iron ore prices. We expect that the company's steel, infrastructure, and logistics businesses will continue to contribute positively to CAP's cash generation. Thus, we forecast credit metrics to remain strong over the next several quarters, with debt to EBITDA below 2x, funds from operations (FFO) to debt above 80%, and positive free operating cash flow (FOCF) generation this year, despite higher capex levels. We could take a negative rating action if iron ore prices were to decline, and CAP's
