Fitch affirms Asarco senior rating

Fitch Ratings said it has affirmed the senior unsecured rating of CCC for Asarco Inc. and the senior unsecured local and foreign currency ratings of BBB- for Grupo Ferroviario Mexicano SA de CV.

Fitch said Asarco's CCC rating reflects the continued uncertainty regarding the company's potential environmental liabilities, as well as its inability to generate material excess cash flow due to its high cash cost of production. Asarco is expected to end 2004 with total debt of $440 million.

Asarco's debt obligations consist of $250 million of unsecured bonds due in 2013 and 2025 and $190 million in tax exempt municipal bonds due between 2018 and 2033.

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