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S&P lowers Axtel, notes
Standard & Poor's said it lowered its long-term corporate credit rating on Axtel SAB de CV to B- from B.
At the same time, the agency said it lowered the rating on the company's senior unsecured notes to B- from B.
The recovery rating of 3 remains unchanged. The outlook is negative.
S&P said the downgrade reflects the company's deteriorating competitive position and a weaker-than-expected financial performance for the first quarter of 2012, which is still commensurate with an aggressive financial profile.
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