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S&P cuts IUSA
Standard & Poor's said it lowered the global scale corporate credit rating on Industrias Unidas SA de CV to SD from CC and its national scale corporate credit rating to SD from mxCCC.
The senior unsecured rating on the company's notes due 2016 is unchanged at CC.
S&P said the action follows the company's partial payment of $10.5 million and extended the term on the balance of $20 million in notes due March 26, issued under its euro short-term notes program, until March 2010.
The agency noted payments on its rated $200 million senior unsecured notes remain current, which is why the default is selective.
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