S&P: Empresas Iansa unaffected

Standard & Poor's said that the future change in Empresas Iansa SA's (BB/stable/--) ownership structure would not have an immediate affect on the ratings or outlook on the company.

ED&F Man Holdings Ltd., which is one of Iansa's indirect shareholders, recently announced its intention to exert its option to buy Ebro Puleva SA's indirect participation in the company (at about $12 million). To comply with regulatory requirements, ED&F Man has also launched a tender offer for 51% of the company's stock.

This situation would not trigger change-of-control clauses under the $100 million rated bonds.

S&P said it continues to monitor these events. Nevertheless, S&P said it does not anticipate changes in Iansa's credit quality unless the change in its indirect controlling shareholders results in a significant modification to the business or financial strategy. At this point, S&P said it does not expect such changes to take place.

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