CHICAGO & SANTIAGO, Chile--(BUSINESS WIRE)--Fitch Ratings has downgraded the Foreign and Local Currency Issuer Default Ratings (IDRs) of Masisa S.A. (Masisa) to 'B+' from 'BB' and National long term rating to 'BBB(cl)' from 'A-(cl)'. The Rating Outlook remains Negative. See the full list of rating actions at the end of this release. KEY RATING DRIVERS Significantly Weaker Brazil Operations: The downgrade of Masisa's ratings reflects lower than expected EBITDA generation in Brazil and Fitch's ex