Credit rating agency Fitch Ratings has affirmed the ratings of Chilean iron ore and steelmaking holding company CAP SA at BBB- on a stable outlook.
Fitch said the ratings reflect the company’s “strong capital structure” and its “robust” liquidity, along with resilience in challenging times.
“CAP benefits from its production of high-grade iron ore products (67 percent iron content), which it receives a premium over market prices. The stable outlook factors the still favorable price momentum for iron ore and expectations of strong operating cashflows for the projected period,” the credit rating agency said.
Fitch also forecasted CAP SA to post EBITDA of $1.04 billion in full-year 2022 and $980 million in full-year 2023.