Moody's affirms Vitro Envases

Moody's Investors Service said it affirmed the existing ratings of Vitro Envases Norteamerica SA de CV, which included the B2 rating for its $250 million guaranteed 10¾% secured note due 2011.

Moody's affirmed Vitro Evanses' B2 rated $250 million senior secured notes due 2011, B2 senior implied rating and Caa1 senior unsecured issuer rating.

Vitro Envases accounts for approximately 40% of the revenues of its parent company Vitro SA de CV. (senior implied rating of B2 with a stable outlook).

Moody's said the ratings remain constrained by high financial leverage with pro-forma adjusted debt to EBIT over 9x and adjusted debt to EBITDA slightly over 3x.

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