S&P cuts CFR Marfa

Standard & Poor's said it lowered its long-term corporate credit rating on CFR Marfa SA to B from B+.

At the same time, the rating was removed from CreditWatch, where it had been placed, with negative implications, on March 16, the agency said.

The outlook is negative.

S&P noted that the rating on Marfa is constrained by continued deterioration of the company's market position under strong competitive pressure from roads, river and other rail carriers, its aged rolling-stock fleet, which will require significant capital expenditures over the medium term, refinancing risk associated with Marfa's €120 million eurobond due December 2007.

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