S&P downgrades Lafarge

Standard & Poor's said it lowered the long-term corporate credit ratings on Lafarge SA and its subsidiary Lafarge North America Inc. to BBB- from BBB and affirmed the company's A-3 short-term credit rating.

The outlook remains negative.

"The downgrade and negative outlook affirmation reflect our expectation that the group's financial profile will weaken in 2009 below 2008 levels and will not recover before 2010 at best," S&P analyst Sabine Gromer said in a statement.

She cited a depressed industry environment as a reason for the rating actions, along with concerns regarding the timely and sizable realization of the announced asset disposals.

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