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S&P: Inco, Falconbridge on positive watch
Standard & Poor's said it revised the CreditWatch implications on Inco Ltd. and Falconbridge Ltd. to positive from developing, where they were placed July 18.
The agency said that this action stems from the lower probability under all current takeover scenarios that ratings will be lowered into the speculative-grade category.
S&P added that the ratings on Falconbridge will likely be raised or affirmed at BBB-, assuming that Xstrata plc, parent of Xstrata Queensland Ltd. (BBB+/Watch negative) is successful in acquiring Falconbridge on Aug. 14, which now appears highly probable after Inco dropped its bid last week.
The ratings on Inco will also probably be raised or affirmed at BBB-, the agency said.
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