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S&P lowers Vitro
Standard & Poor's said it lowered the long-term corporate credit and senior unsecured debt ratings on Vitro SAB de CV to CC from B- and its long-term local scale rating to mxC from mxBB+. Ratings were removed from CreditWatch negative, where they were placed Oct. 14.
The outlook is negative.
"The downgrade reflects our expectation that when Vitro reports results for fourth-quarter 2008, it will show liquidity and financial performance is still under pressure. We also expect performance to remain affected during 2009 as a result of the weaker economies in Mexico, the U.S. and Spain - Vitro's principal markets," S&P analyst Marcela Duenas said in a statement.
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