S&P reduces Asarco's rating from "CC" to "SD".

Internet Securities, November, 2002

MEXICO CITY, Nov 14, 2002 (Notimex/Corporate Mexico by Internet Securities, Inc. via COMTEX) -- On Wednesday Standard & Poor's (S&P) reduced the credit risk and senior debt ratings of Asarco Inc., one of the three mining subsidiaries of Grupo Mexico (GMexico), from "CC" to "SD", due to the non-payment of a line of credit. In a press release, S&P said that the payment of US$450 million was programmed for Nov. 12. S&P also said that the rating of "CC" for Southern Peru Cooper Corp is still on the List of Special Revision with a negative outlook, while the rating of Grupo Minero Mexico stays at SD (Selective Default).S&P said that Asarco's payment deadline for its credit -- some 43% of total debt up to September 2003 -- would be extended until the beginning of 2003. The...

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