S&P: MasTec on negative watch

Standard & Poor's said it placed its BB corporate credit rating, BB+ senior secured bank loan rating, and other ratings on MasTec Inc. on CreditWatch with negative implications.

The move follows the company's announcement that the 2003 10-K filing will be delayed and that, in contrast to $7 million of net profitability for the nine months of 2003, the company expects to report a loss for 2003, implying charges or losses in the fourth quarter of an unknown magnitude.

S&P said the uncertainty of the impact of these pending results on MasTec's liquidity, including a potential equity offering, covenant compliance, and prospective profitability and cash flow generation are concerns.

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