S&P rates new Industrias Unidas notes B+

Standard & Poor's said it assigned its B+ rating to Industrias Unidas SA de CV's proposed $175 million 10-year notes due 2014. The company's B+ local and foreign currency long-term corporate credit ratings were affirmed.

The outlook is negative.

"The notes benefit from the joint and several guarantee of IUSA's restricted subsidiaries that represent 92% of the company's total assets and 40% of the company's EBITDA as of Sept. 30, 2003," said S&P credit analyst Jose Coballasi. "Proceeds will be used to pay existing debt."

Industrias Unidas is one of Mexico's largest diversified industrial companies, offering a large variety of products through integrated manufacturing and distribution operations located principally in Mexico and the United States. The company's operations are conducted by seven principal business groups: copper tubing, wire and cable, copper alloys, electrical products, watt-hour meters, valves and controls, and diversified assets group.

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