Bigger is not always better, at least according to Standard & Poor's. The rating agency recently revised its creditwatch implications for the triple-B-minus rated secured export notes of Southern Peru Ltd. to negative from developing, where they were placed in October.

The action followed the announced merger between Asarco Inc., the controlling shareholder of Southern Peru Copper Co., (of which Southern Peru Ltd. is a subsidiary) and Grupo Mexico S.A., the holding company for Grupo Minero Mexico S.A. de C.V. (GMM).

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