S&P affirms Impsa, bonds

Standard & Poor's said it affirmed the B+ rating on Industrias Metalurgicas Pescarmona S.A.I.C.y.F. (Impsa) and the ratings on its $390 million bonds issued by its financing vehicle in Netherlands, WPE International Cooperatieuf UA.

The outlook is stable.

Standard & Poor's said Impsa's ratings continue to reflect the company's "weak" business risk profile and its "aggressive" financial risk profile.

The ratings also reflect Impsa's exposure to intense competition, in addition to technological and logistic challenges. The company partly mitigates these negative factors by focusing on hydro- and wind power generation projects in Latin America, where it has competitive advantages.

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