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S&P downgrades IUSA to CC, negative outlook

Bnamericas Published: Wednesday, March 25, 2009
Ratings agency Standard & Poor's ( S&P) has lowered its rating on Mexican copper products maker Industrias Unidas (IUSA) to CC from CCC+ and changed the company's outlook to negative. According to the agency, the downgrade is in response to IUSA's restructuring of 20mn euros (US$26.9mn) in short-term notes. "The restructuring and amendment resulted in what we see as modifications to the payment terms of the original obligations, and we would consider this tantamount to a default," S&P's statement said. IUSA makes a wide range of copper products including tubing and conductors. To read the full S&P report, go to this link

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