S&P lowers TFM rating, outlook negative

Standard & Poor's (S&P) has lowered its credit risk rating on Mexican rail concessionaire Grupo Transportacion Ferroviaria Mexicana (TFM) to B from B+, with the outlook negative, S&P said in a statement. Although S&P highlights TFM's privileged position as a rail service provider in Mexico, this is negatively affected by a deterioration of the group's operative margins and the relationship of its owners: Transportacion Maritima Mexicana (TMM) and Kansas City Southern Industries (KCS). The negative outlook corresponds to the group's limited liquidity, the risk associated with the company's refinancing and the still uncertain position of KCS, S&P added. To read S&P's full report (in Spanish) paste the following link in your browser: http://www.bnamericas.com/cgi-bin/getresearch?report=111733_122303_TFM_PR.pdf&id_documento=43112&id_idioma=E&login=bnamericas