S&P: Intcomex to negative

Standard & Poor's said it affirmed the B corporate credit rating on Intcomex Inc.

The outlook was revised to negative from stable.

The outlook revision reflects diminished covenant headroom under Intcomex's senior note fixed-charge coverage requirement, vulnerability to foreign-currency exchange rates and relative lack of operating performance predictability, S&P said.

The ratings consider an expectation that Intcomex's modest earnings and cash flow from operations, as well as geographic concentration in Latin American markets, will limit near-term improvement in its highly leveraged financial profile, the agency said.

But the company should benefit from a diverse customer base, low penetration rates in Latin America and more rapid growth of Internet users, S&P said.

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