Fitch ups Minera Mexico

Fitch Ratings said it upgraded the local and foreign currency ratings assigned to Minera Mexico SA de CV to BB- from B, rating watch positive.

Minera Mexico's BB- foreign currency rating applies to the company's $441 million in guaranteed senior notes (Yankee bonds) due 2008 and 2028 as well as to the $600 million syndicated bank loan obtained in 2004. The outlook for Minera Mexico's local and foreign currency ratings is now positive.

Fitch said Minera Mexico's upgrade to BB- was a result of the significant improvement in the company's capital structure during 2004 as it took advantage of high copper prices to reduce its debt to an estimated $1 billion at the end of 2004 from $1.3 billion at the end of 2003. The company also extended its debt maturities and reduced its overall cost of debt.

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