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Fitch Ratings Downgrades Copamex, S.A. de C.V. To ''BB-''.

Publication: Business Wire
Publication Date: 06-NOV-02
Format: Online
Delivery: Immediate Online Access

Article Excerpt
Business Editors

CHICAGO--(BUSINESS WIRE)--Nov. 6, 2002

Fitch Ratings has downgraded Copamex, S.A. de C.V. (Copamex) international foreign and local currency ratings to 'BB-' from 'BB'. These rating actions affect Copamex's US$180 million of outstanding senior notes due 2004. Fitch has also downgraded Copamex's national scale rating to 'A- (mex)' from 'A (mex)'. This rating action affects Copamex's Ps. 1,000,000 Certificados Bursatiles' program. All of these ratings have been assigned a Stable Rating Outlook.

The rating action follows Copamex's inability to improve credit protection measures, which are weak for the prior rating category. In recent years,...

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