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S&P drops Asarco, view negative
Standard & Poor's said it lowered its long-term corporate credit rating on Asarco Inc. to CCC from BB-.
In addition, Asarco's outlook was revised to negative from positive.
The downgrade reflects the change in Standard & Poor's expectations of parent support from Asarco's direct parent Americas Mining Corp. (AMC) and indirect parent Grupo México SA de CV, which in turn reflects recent changes at AMC and recent sharply negative developments at Asarco, S&P said.
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