S&P downgrades Impsa

Standard & Poor's said it lowered its ratings on Industrias Metalurgicas Pescarmona SAICyF (Impsa) and on its wholly owned subsidiary, WPE International Cooperatief UA (WPEIC), to B from B+ and removed them from CreditWatch with negative implications.

The outlook is negative.

"The downgrade reflects our view that the group's overall credit quality has weakened due to worsening business conditions in Argentina and still limited cash contribution from its significant and growing business in Brazil," said S&P credit analyst Luciano Gremone in a news release.

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