S&P cuts Wienerberger

Standard & Poor's said it lowered its long-term corporate credit ratings on Wienerberger AG to BB from BB+, along with its hybrid bond to B from B+ and unsecured bond to BB from BB+.

The short-term ratings were affirmed at B.

The outlook remains negative.

The downgrade and negative outlook reflect revised forecasts for Wienerberger, which include assumptions of below-par credit metrics in 2009, S&P said.

The ratings also consider the risks to a timely recovery of credit metrics to levels commensurate with the BB rating, such as funds from operations to debt, the agency said.

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