S&P: Penoles up to stable

Standard & Poor's said it revised its outlook on Industrias Peņoles SA de CV to stable from negative. The ratings on Peņoles are affirmed.

S&P said the outlook revision reflects Peņoles' improved profitability and cash generation in 2004 and an expectation that results in 2005 will remain strong despite volatile metal prices.

The rating on Peņoles reflects its low-cost operating position, its vertically integrated operations, its relative product diversification and its position as the second-largest mining conglomerate in Mexico, S&P said.

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