Chile-based steel and iron ore producer CAP should continue benefiting from resilient pellet premiums, lower costs, and investments, which would help cushion the blow from lower iron ore prices. We are affirming our 'BB+' ratings on CAP and removing them from CreditWatch with negative implications, where we placed them on April 13, 2015. The stable outlook reflects our expectations that the company's credit metrics will be in line with current ratings in the next two years. On May 7, 2015, Standard&Poor's Ratings Services affirmed its 'BB+' ratings on CAP S.A. At the same time, we removed the ratings from CreditWatch negative, where we placed them on April 13, 2015, following our iron-ore price deck revision. The outlook is
