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S&P cuts Urbi
Standard & Poor's said it lowered its global corporate credit rating on Urbi Desarrollos Urbanos SAB de CV to B from B+.
The agency said it also lowered the issue rating on its notes to B from B+. The recovery rating on the notes remains at 3.
"The downgrade reflects the rapid deterioration of the company's financial performance during the second quarter of 2012 because of high working-capital requirements," said S&P credit analyst Fernanda Hernandez in a news release.
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