CORPORATES

CREDIT OPINION30 March 2020

Update

RATINGS

Inversiones CMPC S.A.Domicile Chile

Long Term Rating Baa3

Type Senior Unsecured - FgnCurr

Outlook Stable

Please see the ratings section at the end of this reportfor more information. The ratings and outlook shownreflect information as of the publication date.

Contacts

Barbara Mattos, CFA +55.11.3043.7357Senior Vice Presidentbarbara.mattos@moodys.com

Marianna Waltz, CFA +55.11.3043.7309MD-Corporate Financemarianna.waltz@moodys.com

CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

Inversiones CMPC S.A.Update following change in outlook to stable

SummaryOn March 27, 2020, we affirmed Inversiones CMPC S.A.'s (CMPC, wholly owned subsidiaryof Empresas CMPC S.A.) Baa3 ratings and changed the outlook to stable from positive. Thechange in the outlook reflects CMPC's exposure to the severity of the credit shock causedby the coronavirus outbreak and the deteriorating global economic outlook. At the sametime, the affirmation of CMPC’s Baa3 ratings reflect our view that the company’s underlyingoperational diversity and liquidity strength make it more resilient to the current difficultoperating environment.

CMPC's Baa3 ratings remain supported by the company's market position as one of theworld's largest and low-cost pulp producers with integrated paper operations throughoutLatin America; its well-balanced revenue and EBITDA sources, split into pulp, tissue andpackaging; and an adequate liquidity profile. CMPC's product mix diversification hashistorically resulted in margin stability, mitigating the effects of more volatile segments suchas pulp.

CMPC’s ratings incorporate its cash flow dependence and exposure to volatile marketpulp prices, which are largely driven by China and the demand in developed markets. Withthe decline in pulp prices over the past 12 months, CMPC’s EBITDA, including Moody’sadjustments, deteriorated to $1.1 billion in 2019 from around $1.8 billion in 2018. Althoughdemand for CMPC’s products, such as tissue and packaging, benefits to a certain extentfrom the coronavirus outbreak, we expect CMPC’s cash flow in 2020 to be hit by the overalldeterioration in global economic growth.

Credit strengths

» Status as a low-cost manufacturer of wood, pulp, tissue and paper and packagingproducts in Latin America

» Large scale and relevant market share in its main markets and segments

» Good product and geographic diversification within the region

» Presence in less volatile segments such as tissue, paper and packaging, which helpsmitigate the exposure to volatile pulp prices

Credit challenges

» Exposure to the inherent volatility in the pulp industry, with pulp representing most of thecompany's EBITDA

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» Significantly lower economic growth in 2020 in key markets for packaging, tissue and sanitary products in Latin America

» Exposure to exchange-rate volatility in Latin America, as well as to hyperinflationary economies

Rating outlookThe stable outlook incorporates our expectations that CMPC will maintain adequate liquidity and manage capital spending anddividend distribution prudently, without compromising its leverage and cash flow in the next 12-18 months, and that its credit metricswill be resilient to the shock caused by the spread of the coronavirus and the deteriorating global economic outlook.

Factors that could lead to an upgradeAn upward ratings movement would require CMPC to maintain a strong liquidity position and sound credits metrics even in a lowerpulp price environment. Quantitatively, an upgrade of the company's ratings would depend on its:

» ability to sustain adjusted total debt/EBITDA below 2.5x

» generation of positive free cash flow on a consistent basis

Factors that could lead to a downgradeThe ratings could be downgraded if CMPC's operating environment significantly deteriorates, leading to weaker credit metrics, or if thecompany embarks on expansions that hurt its leverage metrics. Quantitatively, the ratings could be downgraded if:

» total debt/EBITDA exceeds 3.0x on a consistent basis

» free cash flow is persistently negative, leading to a weaker liquidity profile

Key indicators

Exhibit 1

Empresas CMPC S.A.

US Millions Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Forward View Next 12-18 Months

Revenue 4,837.1 4,841.1 4,865.7 5,143.1 6,274.5 5,670.3 5,300 - 5,700

EBITDA Margin % 20.9% 23.0% 21.3% 22.1% 29.8% 20.3% 20% - 25%

RCF / Debt 9.6% 9.0% 14.7% 20.1% 27.8% 15.7% 20% - 22%

(RCF - CAPEX) / Debt -23.8% -9.8% 2.2% 7.9% 17.6% 5.0% 8.0% - 8.5%

Debt / EBITDA 4.7x 3.9x 4.3x 3.8x 2.2x 3.6x 3.5x - 3.7x

EBITDA / Interest Expense 5.2x 5.3x 4.7x 5.0x 8.3x 5.9x 5.5x - 6.5x

All figures and ratios are calculated using Moody’s estimates and standard adjustments. Moody's Forecasts (f) or Projections (proj.) are Moody's opinion and do not represent the views ofthe issuer. Periods are Financial year-end unless indicated. LTM = Last 12 months.Source: Moody’s Financial Metrics™

ProfileHeadquartered in Santiago, Chile, Empresas CMPC S.A. is a large producer of pulp, tissue and packaging products. Its wholly ownedsubsidiary, Inversiones CMPC S.A. (CMPC), is an intermediate holding company and the issuer of rated debt securities. CMPC producesand sells a wide range of products including bleached softwood and hardwood pulp, packaging paper, boxboard, consumer tissue andpersonal care products, corrugated boxes and multi-wall bags and paper sacks. As of December 31, 2019, the company had around740,519 hectares (ha) of planted forestry area in Chile, Argentina and Brazil.

CMPC owns three sawmills in Chile. In addition, it has two remanufacturing mills and a plywood mill. The pulp division produces about4.3 million tons at its Laja, Pacifico, Santa Fe and Guaíba mill. In 2019, CMPC generated total revenue of $5.7 billion.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

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Exhibit 2

Revenue by segmentFull-year 2019

Exhibit 3

EBITDA by segmentFull-year 2019

Softys37%

Pulp47%

Biopackaging16%

Source: Empresas CMPC S.A.

Softys17%

Pulp77%

Biopackaging6%

Source: Empresas CMPC S.A.

Detailed credit considerationsLarge scale, relevant market presence and diversification better position CMPC to withstand the difficult operatingenvironmentDespite the wide variety of its product offerings, CMPC has three main operating segments: pulp-forestry, tissue and packagingproducts. Such diversification helps mitigate the more volatile nature of the pulp industry and other commodity-like products sold byCMPC. The tissue business benefits from more stable demand dynamics than other products in the forest products industry and usespulp as one of its main inputs, providing a natural hedge for CMPC's pulp business in times of pricing volatility. Accordingly, the impactof lower pulp prices is offset by higher margins on tissue and packaging, while the impact of higher pulp prices on the tissue and papersegments' profitability is mitigated by the increased use of recycled paper.

As a result of its highly integrated business model, the company's EBITDA margin has been stable at 20%-25% (on an adjusted basis)since 2014 and peaked at 30% in 2018 because of higher pulp volume after the normalization of CMPC's Guaíba II pulp line and higherpulp prices. In 2019, market pulp prices were weaker than expected because of lower demand growth, coupled with fewer supplydisruptions, with average prices 26% lower than the previous year and margins declining to 20%. We expect the environment for pulpto remain strained, resulting in an additional price decline of 12% over the next 12-18 months.

Although the company's production is based in Latin America, which poses some geographic concentration risk for its credit profile,production facilities are spread across different countries and regions and sales are well diversified geographically, with around 50%of CMPC's sales derived from exports to Europe, Asia, Latin America, the US and others and the remaining revenue derived fromcustomers in Latin America (19% in Chile) in fourth quarter 2019.

The pulp-forestry business, which accounted for around 47% of sales and 77% of total EBITDA in 2019, relies predominantly on exportsto Asia and Europe. Currently, around 80% of CMPC's pulp production capacity is hardwood (eucalyptus) pulp, with around 2.9 milliontons sold to third parties in 2019 — CMPC also sold 693,000 tons of softwood to third parties in the same period. Although we donot expect any expansion in pulp in the medium term, CMPC's strategy of acquiring forests in Brazil creates growth potential in thissegment.

CMPC is the second-largest producer of mass consumption tissue products in Latin America, with industrial operations in Chile,Argentina, Uruguay, Peru, Brazil, Colombia, Ecuador and Mexico . CMPC's Softys business was responsible for 37% of revenue andaround 17% of EBITDA in 2019. Tissue products are generally sold domestically and have defensive characteristics, with low demandelasticity. CMPC's expansion strategy relies on increasing its tissue production in large markets where the company has a small marketshare, such as Brazil and Mexico and keeping up with organic market growth in markets where it is the leader — the main growthdrivers are increasing population, urbanization trends and changes in the standard of living. Accordingly, CMPC is investing $130 millionin a new line in the Zarate mill, which, after its full ramp-up during 2020, will increase the company's total tissue production capacity

3 30 March 2020 Inversiones CMPC S.A.: Update following change in outlook to stable

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by 60,000 tons (8% of the current tissue production capacity). In October 2019, CMPC also acquired a Brazilian tissue and personalcare products company named SEPAC for BRL1.3 billion, becoming the largest manufacturer and distributor of tissue in Brazil, with itsinstalled tissue capacity increasing to 280 thousand tons from 145 thousand tons before the acquisition.

The packaging businesses generated about 16% of total revenue and 6% of total EBITDA in 2019, with a total installed capacity of 1.2million tons per year to produce boxboard, paper bags, corrugated paper and boxes, among others. According to CMPC, the globalpackaging market is likely to grow 3% per year over 2019-22, driven by changing trends, such as reduction in plastic use and growing e-commerce.

Low-cost producer, although a high exposure to pulp increases performance volatilityCMPC is a low-cost producer of both softwood (Radiata) and hardwood (Eucalyptus) pulp because of its competitive and advantageousgeographic advantage regarding forestry yields, the short tree-harvesting cycles and the proximity of its forest base to mills and ports.The Guaíba mill expansion strengthened CMPC's existing cost structure because the Brazilian forestry assets have one of the lowestcosts in the global market pulp industry. Currently, CMPC's total production cash cost for hardwood pulp is $190/ton and $316/ton forsoftwood, which compares favorably with those of other pulp producers in Europe, North America and China.

Radiata pine grows the fastest in some geographic locations. In Chile, the average growth rate of Radiata pine is 20 m³sub/ha/year(cubic meter inside bark diameter per hectare per year), while in the Northern Hemisphere, it ranges between 2 m³sub/ha/year and 11m³sub/ha/year. Consequently, the Chilean forestry industry is a low-cost producer of softwood pulp. Eucalyptus trees, which are used inthe production of hardwood pulp, also grow quickly in Chile and Brazil, at an average growth rate of 43 m³sub/ha/year.

CMPC benefits from its vertical integration, and is also a low-cost producer of tissue and packaging products. The company's pulp millsare mostly supplied by its own forestry assets. Over the past few years, the company has invested in building biofuel-based electricitycogeneration plants, including new biomass boilers at the Santa Fe and Laja pulp mills. CMPC has also completed investments incogeneration in the Talagante and Altamira tissue mills in Chile and Mexico, respectively, as well as in the Puente Alto paper mill inChile, thereby becoming substantially self-reliant for its energy needs.

Nevertheless, CMPC's profitability remains largely dependent on pulp prices. We have seen pulp price corrections since late 2018,given the weakening demand in China and Europe. As a result of weaker pulp prices, CMPC’s EBITDA, including Moody’s adjustments,deteriorated to $1.1 billion in 2019 from around $1.8 billion in 2018.

ESG considerationsCMPC is a publicly traded corporation controlled by the Matte Group, which has a 56% share, followed by Chilean pension funds(about 10%), and the remaining is held by local and international investors. The controlling family does not hold any managerialposition within the company. CMPC is headed by a board of directors consisting of nine members (two are independent) elected atthe annual shareholders' meeting for a three-year term. All members of senior management are appointed by the board. In addition,the company has a Directors Committee, composed of three directors of CMPC (two are independent), which supports the interestsof minority shareholders. There has been a material improvement in corporate governance since 2016, as the company's practices areclearly linked to its strategy and policies linked to executives' performance and compensation.

Besides, since 2013, all employees have been going through training against corruption, bribery and unfair competition. Courses focuson the CMPC Code of Ethics, conflict of interest, information security, corporate policies, risk management, a crime prevention model,fair competition, commitment to integrity, personal security, talent management, acquisitions and contract management and financialand accounting management.

CMPC has a crime prevention system based on four pillars: prevention model, code of ethics, anonymous reporting hotline and ethicscommittee.

The main environmental risks for the paper and forest products industry include natural and man-made disasters that could disruptoperations: insect infestations, forest fires, hurricanes or earthquakes could reduce the supply of wood fiber and wastewater orchemical spills could create legal liabilities. Another risk is regulatory changes that lead to higher costs or lower demand for paper andforest products.

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Environmental considerations are not a material factor for CMPC’s ratings, although they are very relevant for the company’soperations. CMPC certifies its forest plantations management and industrial processes. CMPC subscribes to the UN Global CompactSustainable Development goals, and develops and actively participates in projects and initiatives to contribute toward achieving them.

CMPC is committed to integrating sustainability into its business strategy and corporate governance, and since December 2019has a Sustainability Committee to oversee the implementation of sustainability initiatives across the company. Since 2012, CMPC'splantations in Chile and Brazil have maintained a certification granted by the Forest Stewardship Council (FSC). In addition, CMPC hasPEFC forestry management and ISO 14,001 certifications covering Brazil, Chile and Argentina. CMPC is included in three Dow JonesSustainability Indexes: Chile, MILA (Latin American Integrated Market) and Emerging Markets. The company reports on the CarbonDisclosure Project (CDP), which is a global disclosure system on environmental impacts stemming from climate change, water, forestsand supply chain and in 2019 it was included in the water security list.

Sustainable management of forest plantations is certified through CERTFOR-PEFC, FSC and ISO 14,001 to ensure harmoniousoperations among economic, social and environmental domains.

CMPC owns and manages more than 1 million ha of land, over 700,000 ha of which are covered in forest plantations essentialto CMPC's operations. CMPC has specific environmental targets for climate change (a 50% reduction in absolute greenhouse gasemissions scope 1 and 2 by 2030), water (a 25% reduction in the industrial use of water by 2025), waste (zero waste to landfill by2025), and conservation and restoration (conserve or restore an additional 100,000 ha by 2030).

CMPC promotes the use of recycled fiber through its subsidiary Fibras, the largest Chilean paper recycling company. Many of CMPC'sproducts are manufactured largely with recycled fiber such as corrugated paper, which uses over 90% recycled fiber from used boxes,and molded pulp trays which use nearly 100% of recycled fiber, while tissue paper products, paper bags and other products use avarying percentage of recycled fiber in their contents.

CMPC has issued three green bonds. In 2017, it was the first Chilean company to issue a bond complying with the Green BondPrinciples whose funds are intended exclusively to finance or refinance, partly or completely, new or existing eligible projects thatproduce environmental benefits. This green bond raised a total value of $500 million with a spread over 10-year US Treasury bondsof 2.00% and an effective rate of 4.42% for the financing of sustainable forest management and water management, preservation ofbiodiversity and restoration of high-conservation-value forest cover, pollution prevention and control and energy efficiency. CMPC hasissued two additional green bonds: in Peru in 2018 and in Chile in 2019.

Social aspects are relevant for CMPC’s operations. The social aspect requires that all mills and plants consult neighboring communitiesand promote long-term agreements to improve the integration of productive operations with social support programs, so that forestassets may be preserved. For monitoring the workplace environment, CMPC uses the Great Place to Work measurement model, whichincludes 58 questions grouped into five dimensions: credibility, fairness, respect, camaraderie and pride. The survey is conducted yearlyacross the entire company.

CMPC is currently developing new Corporate Human Resources policies to create a more sustainable model of attracting and retainingtalent including performance evaluation based on individually set development goals and growth opportunities. It has already launchedthe Corporate Diversity and Inclusion Policy and is now focusing its efforts on creating awareness around it. A performance evaluationmodel was introduced in 2016 for all professional and technical staff as well as management. The Company is currently working on aunified evaluation model for operators.

The CMPC Foundation (Fundación CMPC) is the institution through which community relations in Chile are conducted, with theobjective of educating children from the communities where the company has operations. Its mission is to strengthen educational andcultural growth of the communities where the company operates.

Liquidity analysisCMPC has a good liquidity profile. As of year-end 2019, CMPC had a cash balance of $615 million and about $500 million inshort-term debt maturities. Debt maturities in 2020-21 mostly represent bank loans, and the next large bond maturity is in 2022(outstanding amount of notes is $500 million). Liquidity is enhanced by $400 million available under committed credit facilities -$200 million until March 2020 and $200 million until 2022.

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Exhibit 4

Debt amortization schedule, as of December 2019In $ millions

400

615486

159 143 52 39 37 6

25

28

505 514 610

66

1,283

0

200

400

600

800

1000

1200

1400

Cash 2020 2021 2022 2023 2024 2025 2026+

$ m

illio

n

Committed Credit Facility Bank loans Bond

511

187

648566 649

103

1,289

Source: Empresas CMPC S.A.

We expect free cash flow to decline in 2020, mostly as a result of lower pulp prices, but at the same time, CMPC has flexibility in itscapital spending program as there are no expansion projects underway. The dividend policy established in March 2018 changed thepayout to 40% of the distributable net income (from 30% previously), but we expect CMPC to manage its dividend payout such thatits leverage and liquidity are not jeopardized.

CMPC has maintained stable debt levels of around $4 billion over the past few years, but deleveraging was delayed because of variousfactors affecting the company's profitability, namely the lower pulp price environment in 2016 and the extended downtime at Guaíba IIline in 2017. Because CMPC's operating activities are closely tied to pulp market performance and average prices were sustained at thehighest levels in 2017 and 2018 (+55% price increase considering the average price in 2018 compared with the average price in 2016),the company was able to reduce leverage very fast. In 2019, with a 26% decline in pulp prices, CMPC's EBITDA declined to $1.1 billionand leverage increased to 3.6x (from 2.2x in 2018).

Exhibit 5

Moody's-adjusted leverage and pulp prices

572

626

494

648

760

565

499

4.7x

3.9x

4.3x

3.8x

2.2x

3.6x 3.7x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

400

450

500

550

600

650

700

750

800

2014 2015 2016 2017 2018 2019 Next 12m

Axis

Title

US

D p

er

ton

BEK Price ($/t) Debt/EBITDA

Sources: Moody's Financial Metrics™ and RISI

6 30 March 2020 Inversiones CMPC S.A.: Update following change in outlook to stable

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Methodology and scorecardCMPC's scorecard-indicated rating under our Paper and Forest Products Industry rating methodology maps to a Baa3, in line withthe assigned ratings. The scorecard-indicated rating benefits from CMPC's scale, structural cost advantages and highly integratedbusiness model. On a forward-looking basis, we expect CMPC's scorecard-indicated rating to continue to map to Baa3, supported bythe company's earnings stability and diversified operating profile.

Exhibit 6

Rating factorsEmpresas CMPC S.A.

Paper and Forest Products Industry Grid [1][2]

Factor 1: Scale (10%) Measure Score Measure Score

a) Revenue (USD Billion) $5.7 Baa $5.3 - $5.7 Baa

Factor 2: Business Profile (30%)

a) Product Line Diversification Baa Baa Baa Baa

b) Geographic and Operational Diversification Ba Ba Ba Ba

c) Market Position, Cyclicality and Growth Potential Baa Baa Baa Baa

Factor 3: Profitability and Efficiency (15%)

a) EBITDA Margin 20.3% Baa 20% - 25% Baa

b) Fiber and Energy Flexibility and Cost A A A A

Factor 4: Leverage and Coverage (30%)

a) RCF / Debt 15.7% Ba 20% - 22% Baa

b) (RCF - CAPEX) / Debt 5.0% Ba 8.0% - 8.5% Ba

c) Debt / EBITDA 3.6x Ba 3.5x - 3.7x Ba

d) EBITDA / Interest 5.9x Ba 5.5x - 6.5x Ba

Factor 5: Financial Policy (15%)

a) Financial Policy Baa Baa Baa Baa

Rating:

Indicated Outcome before Notching Adjustments Baa3 Baa3

Notching Adjustments 0.0

a) Indicated Outcome from Scorecard Baa3 Baa3

b) Actual Rating Assigned Baa3

Current

FY 12/31/2019

Moody's 12-18 Month Forward View

As of 3/23/2020 [3]

[1] All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations.[2] As of 12/31/2019.[3] This represents Moody's forward view; not the view of the issuer; and unless said in the text, does not incorporate significant acquisitions and divestitures.Source: Moody's Financial Metrics™

7 30 March 2020 Inversiones CMPC S.A.: Update following change in outlook to stable

MOODY'S INVESTORS SERVICE CORPORATES

Appendix

Exhibit 7

Peer comparison

(in US millions)

FYE

Dec-17

FYE

Dec-18

FYE

Dec-19

FYE

Dec-17

FYE

Dec-18

FYE

Dec-19

FYE

Dec-17

FYE

Dec-18

FYE

Dec-19

FYE

Dec-17

FYE

Dec-18

LTM

Sep-19

Revenue $5,143 $6,274 $5,670 $5,238 $5,955 $5,329 $3,295 $3,701 $6,607 $1,048 $1,273 $1,118

Operating Profit $635 $1,367 $640 $858 $1,351 $417 $971 $1,434 $1,520 $460 $685 $491

EBITDA $1,136 $1,871 $1,152 $1,336 $1,817 $1,030 $1,532 $2,007 $2,762 $628 $813 $604

Total Debt $4,263 $4,074 $4,137 $4,316 $4,553 $6,050 $3,926 $10,061 $17,408 $2,752 $2,164 $2,117

Cash & Cash Equiv. $833 $968 $615 $590 $1,076 $1,560 $816 $6,576 $2,337 $114 $158 $440

EBIT / Int. Exp. 2.9x 6.1x 3.2x 3.3x 6.5x 1.9x 2.8x 3.6x 1.5x 1.7x 2.9x 2.4x

Debt / EBITDA 3.8x 2.2x 3.6x 3.2x 2.5x 5.9x 2.7x 5.4x 6.4x 4.6x 2.8x 3.8x

RCF / Net Debt 25.0% 36.4% 18.4% 20.9% 31.3% 12.0% 26.1% 35.0% 9.7% 11.1% 30.5% 15.7%

FCF / Debt 11.4% 8.9% -2.9% 10.6% 3.1% -14.0% 5.5% 6.5% 2.1% 5.3% 21.1% 9.0%

Baa3 Stable Baa3 Stable Ba1 Stable B1 Stable

Empresas CMPC S.A. Celulosa Arauco y Constituci Suzano S.A. Eldorado Brasil Celulose S.A

All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations.Source: Moody’s Financial Metrics™

Exhibit 8

Moody's-adjusted debt breakdownEmpresas CMPC S.A.

(in US Millions)FYE

Dec-14

FYE

Dec-15

FYE

Dec-16

FYE

Dec-17

FYE

Dec-18

FYE

Dec-19

As Reported Debt 4,639.2 4,194.1 4,272.0 4,116.2 3,875.2 4,136.8

Operating Leases 138.7 141.9 153.5 146.5 198.5 0.0

Moody's-Adjusted Debt 4,778.0 4,336.0 4,425.5 4,262.7 4,073.7 4,136.8

All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations.Source: Moody’s Financial Metrics™

Exhibit 9

Moody's-adjusted EBITDA breakdownEmpresas CMPC S.A.

(in US Millions)FYE

Dec-14

FYE

Dec-15

FYE

Dec-16

FYE

Dec-17

FYE

Dec-18

FYE

Dec-19

As Reported EBITDA 912.6 974.6 615.2 815.2 1,575.6 945.8

Operating Leases 31.8 32.8 34.9 37.9 38.9 0.0

Unusual 66.3 104.2 386.5 283.0 256.7 206.4

Non-Standard Adjustments 0.0 0.0 0.0 0.0 0.0 0.0

Moody's-Adjusted EBITDA 1,010.7 1,111.6 1,036.6 1,136.2 1,871.3 1,152.2

All figures are calculated using Moody’s estimates and standard adjustments.Source: Moody’s Financial Metrics™

Ratings

Exhibit 10

Category Moody's RatingINVERSIONES CMPC S.A.

Outlook StableBkd Senior Unsecured Baa3

Source: Moody's Investors Service

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MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM ISDEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as wellas other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information ituses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However,MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for anyindirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use anysuch information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses ordamages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of aparticular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatorylosses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for theavoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents,representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDITRATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (includingcorporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating,agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody’sinvestors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regardingcertain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publiclyreported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance —Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s InvestorsService Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intendedto be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, yourepresent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly orindirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as tothe creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’sOverseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a NationallyRecognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by anentity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registeredwith the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferredstock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and servicesrendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

REPORT NUMBER 1220628

9 30 March 2020 Inversiones CMPC S.A.: Update following change in outlook to stable

MOODY'S INVESTORS SERVICE CORPORATES

Contacts

Renata Sturani +55.11.3043.7348Associate Analystrenata.sturani@moodys.com

CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

10 30 March 2020 Inversiones CMPC S.A.: Update following change in outlook to stable