S&P ups Industrias Metalurgicas, rates bond B+

Standard & Poor's said it raised Industrias Metalurgicas Pescarmona SAIC y F to B+ from B- and assigned a B+ corporate credit rating to subsidiary WPE International Coňperatief UA, along with a B+ rating to its upcoming bond issuance of up to $300 million.

The outlook is stable.

The actions reflect improvements in the company's financial and business profiles, S&P said.

Its project backlog grew to $3.8 billion as of July 2010 from $2.2 billion at yearend 2009, the agency said. This backlog, of which 65% is concentrated in Brazil, increases cash flow quality and stability, S&P said.

Part of the proceeds from the issuance is expected to be used to pay down a significant portion of its short-term debt and to partially fund expected capital expenditures, the agency added.

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