S&P rates Vitro credit, notes B+

Standard & Poor's said it assigned its B+ long-term corporate credit rating to Vitro Envases Norteamerica SA de CV as well as to its proposed $150 million senior notes due 2014.

The outlook is negative.

S&P said the ratings on Vitro are equalized with those of its parent company, Vitro SA de CV, reflecting the latter's ability and incentive to take assets and/or burden the company with liabilities thanks to its 100% equity interest, which contributes about 50% of Vitro's consolidated EBITDA.

The ratings are constrained by its high financial leverage and the negative trend in profitability because of increased competition in the domestic market and the strength of the Mexican peso across Vitro's business lines, S&P said.

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