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S&P lowers Impsa, Wpeic
Standard & Poor’s said it lowered the ratings on Industrias Metalurgicas Pescarmona SAIC y F (Impsa) and WPE International Cooperatief UA (Wpeic) to CC from CCC-.
The outlook remains negative.
On Sept. 15, Impsa announced that it will postpone the 10 million in Argentine peso interest payment on its local bonds series X and XI due Sept. 18, 2014.
Although the company is still current on those obligations, the agency said it expects default to be a virtual certainty because Impsa also announced the postponement of the coupon and interest payments on all of its remaining financial obligations.
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