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
- Petroleos Mexicanos
Action: Affirmed, Off CreditWatch
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Research type: News
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