CMPC Natureza May Add Pressure

UBS maintains a 'Deteriorating' credit outlook for Inversiones CMPC (CMPC) due to rising leverage, pulp price volatility, and the execution risk of its USD 4.6bn Natureza Project. While refinancing risk remains low, CMPC's credit ratings face pressure at the bottom end of the investment grade scale.

Key Takeaways

• 1.CMPC maintains a deteriorating credit outlook due to pulp price volatility and uncertainty surrounding the USD 4.6bn Natureza Project.
• 2.Company leverage has increased to 5.3x as of March 2026, pressuring credit ratings at the bottom end of the investment grade scale.

Table of Contents

• CMPC: Natureza may add pressure
• The Natureza Project
• Soft 1Q26
• Leverage goes up...
• ...but refinancing risk stays low
• Credit ratings
• Risk factors
• Our bottom line

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