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S&P lowers Impsa to D
Standard & Poor’s said it lowered the corporate credit rating on Industrias Metalurgicas Pescarmona SAIC y F (Impsa) and WPE International Cooperatief UA (Wpeic) to D from CC.
S&P also lowered the issue-level rating on Wpeic’s bullet 2020 bond to D from CC. At the same time, S&P affirmed the CC issue-level rating on Impsa’s series I notes.
“The rating action reflects Impsa’s nonpayment on its series VIII and IX local bonds, which were due Sept. 26, 2014 and for which the five-day grace period ended on Oct. 3, 2014,” said S&P credit analyst Cecilia Fullone in a news release.
The downgrade also reflects S&P’s expectation that the group won’t make any payments on its remaining past due financial obligations within the applicable grace periods.
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