S&P cuts Vitro Envases, Vena

Standard & Poor's said it lowered the long-term local and foreign currency corporate credit ratings assigned to Vitro SA de CV and its subsidiary Vitro Envases Norteamerica SA de CV (Vena) to B from B+.

S&P also lowered the long-term national scale corporate credit rating assigned to Vitro to mxBBB- from mxBBB. The outlook was revised to stable from negative.

S&P also lowered the rating assigned to Vitro's notes due 2013 and to Servicios y Operaciones Financieras Vitro SA de CV notes due 2007 (which are guaranteed by Vitro) to CCC+ from B-.

S&P also lowered the rating assigned to Vena's notes due 2011 to B from B+.

The rating actions reflect the continued weakness in Vitro's financial performance and profitability, as evidenced by the negative trend in the company's key financial ratios and EBITDA margin, according to S&P.

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