S&P drops Imcopa to CCC-

Standard & Poor's said it lowered the long-term corporate credit rating on Imcopa Importação, Exportação e Indústria de Óleos SA to CCC- from B- and removed the rating from CreditWatch Negative, where it was placed on Jan. 23.

The outlook is negative.

"The downgrade reflects Imcopa's increasing refinancing risk, with large exposure to short-term bank debt maturities and to the next coupon payment (on May 26, 2009) of its $100-million 10.375% notes due November 2009," S&P analyst Marcelo Schwarz said in a statement.

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