Fitch drops Petrotemex to junk

Fitch Ratings said it downgraded Grupo Petrotemex, SA de CV's local- and foreign-currency issuer default rating to BB+ from BBB-, $75 million privately placed senior notes due 2012 to BB+ from BBB- and DAK Americas $115 million guaranteed senior notes due 2014 to BB+ from BBB-.

The outlook remains negative.

Fitch said the downgrade was due to an increase in the company's leverage as a result of large losses on its derivative contracts.

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