S&P ups Grupo Mexico

Standard & Poor's said it raised its long-term corporate credit rating on Grupo Mexico SA de CV to BB from B+.

The outlook is positive.

S&P said the two-notch upgrade on Grupo Mexico reflects its debt reduction at the holding level, and the current and expected improvement in its mining business financial profile. The improvement at the mining division was due to huge, but still below-average, debt reduction in 2004 (almost 16%), improved operating performance, good copper price performance, and advances in financial flexibility.

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