S&P lowers Impsa bond to D

Standard & Poor's said it affirmed its D corporate credit ratings on Industrias Metalurgicas Pescarmona SAIC y F (Impsa) and WPE International Cooperatief UA (Wpeic).

At the same time, the agency affirmed its D issue-level rating on Wpeic's bullet 2020 bond.

S&P also lowered its senior unsecured rating on Impsa's series I bond to D from CC.

S&P said the downgrade reflects the missed principal payment on ceries I bonds' Oct. 22, 2014, maturity. Although the criteria contemplates a five-day grace period, the agency believes default is a virtual certainty because the group already announced it planned to postpone the coupon and interest payments on all its financial obligations and it is in the process of a debt restructuring.

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