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Bufete Industrial S.A. Off S&PWatch;Rtgs Afmd Oct 98
Standard & Poors, Oct 1998
Abstract
NY -- Standard & Poor's CreditWire 10/14/98 -- Standard & Poor's today affirmed its single-`B' corporate credit rating on Bufete Industrial S.A. The rating was removed from CreditWatch with negative implications, where it was placed on May 27, 1998. The outlook is stable. The CreditWatch removal and rating's affirmation reflects the company's recent collection of the Comision Federal De Electricidad (CFE) (foreign currency double-`B'/Stable/--) receivables, which were pending since 1995 and 1996. The collection of these receivables, totaling US$101 million, improves the company's flexibility to finance working capital needs and reduce debt. Still, the rating reflects Bufete's high financial leverage and poor operating performance that offset its position as a leading Mexican provider of engineering, procurement, and construction services. Despite...
Companies mentioned in this report are: Bufete Industrial S.A.,Comision Federal De Electricidad (CFE),Petroleos Mexicanos (PEMEX)
Action: Affirmed, Off CreditWatch
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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