S&P: Vitro on watch

Standard & Poor's said it placed its ratings, including the B foreign currency long-term corporate credit rating, on Vitro SAB de CV on Creditwatch with negative implications.

The mxBBB- national-scale long-term corporate credit rating was also placed on Creditwatch with negative implications, meaning that S&P said it could either lower or affirm the ratings following completion of its review.

The rating action reflects its concerns about how the more challenging economy and market volatility will affect Vitro's key financial indicators and cash flow generation, the agency said, noting that it expects the economies of Mexico and the United States to weaken during the rest of 2008 and into 2009 and affect the construction, automotive, and consumer products industries.

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