S&P lowers Mendes to brBBB-, view to negative

Standard & Poor’s said it revised the global scale rating outlook on Mendes Junior Trading e Engenharia SA to negative from stable.

The agency also said it affirmed the company’s B+ ratings.

S&P also said it lowered its national scale rating to brBBB- from brBBB.

The outlook is negative.

The rating actions are based on the company’s continuing high concentration of short-term debt and a projection of lower cash-flow generation for the next two years, S&P said.

The ratings also consider some project concentration in its backlog, the agency said, and expected claims related to contracts in 2014.

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