S&P: Imcopa on watch

Standard & Poor's said it placed its B corporate credit rating on Imcopa Importação, Exportação e Indústria de Óleos SA (Imcopa) on CreditWatch with negative implications.

At the same time, the agency said it placed the B rating on senior unsecured notes issued by its wholly owned subsidiary, Imcopa International SA, on CreditWatch with negative implications.

The agency noted that the CreditWatch placement followed the weaker-than-expected 2007 results the company announced on May 5, adding that Imcopa was unable to improve profitability in the second half of 2007 as initially expected and its results continued to mirror compressed EBITDA margins by year-end, with an adjusted EBITDA margin of 5.2%.

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