S&P may upgrade Grupo Mexico, units

Standard & Poor's said it placed its B+ long-term corporate credit rating on Grupo Mexico SA de CV on CreditWatch with positive implications. Additionally, the B- long-term corporate credit ratings on Americas Mining Corp. and its subsidiaries (Southern Peru Copper Corp., Minera Mexico SA de CV, and Asarco Inc.) were placed on CreditWatch with positive implications.

S&P said the CreditWatch placement reflects the companies' better financial profile due to Minera Mexico's recent debt refinancing, which increased its financial flexibility and provided a better maturities schedule.

During the past three years, Americas Mining Corp. has had limited access to financial markets. Nevertheless, debt reduction, due to the current copper price environment, has allowed the company to increase its financial flexibility.

S&P said it will be review the effect on the company's financial profile to resolve the CreditWatch.

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