S&P Positive on Chilean Shipper

S&P has raised the outlook on Compania Sud Americana de Vapores’ B minus rating to positive from stable, it says. The Grupo Luksic-controlled Chilean shipping company recently approved a $500m capital increase to expand its fleet, and is exercising an option to prepay $258m in debt. S&P says the new ships’ size and fuel consumption efficiencies are likely to contribute to the company reducing debt at a faster pace. “The outlook revision incorporates a potential rise in the ratings over the next 12 months if performance patterns and leverage CSAV in 2013 and 2014 are consistent with our revised projections,” S&P says.