S&P affirms Impsa

Standard & Poor's said it affirmed its B long-term corporate credit rating on Industrias Metalúrgicas Pescarmona SAI.C. y F (Impsa).

The outlook remains stable.

At the same time, the agency said it affirmed its senior unsecured debt rating on the company's issuance of $225 million of seven-year 11.25% fixed-rate bonds, with final maturity in 2014.

S&P said it expects proceeds to be applied to redeem outstanding bonds for about $133.4 million, with final maturity in 2011, and the remaining will be used to prepay outstanding bank and financial debt.

According to the agency, the ratings on Impsa reflect the company's high leverage and its exposure to the volatility in the capital goods market and to the fluctuations of the economic activity in the main countries where Impsa operates.

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