On Dec. 1, 2005, Standard&Poor's Ratings Services placed its 'BB-' long-term foreign and local currency corporate credit ratings on Grupo Posadas S.A. de C.V. (Posadas) on CreditWatch with negative implications. At the same time, Standard&Poor's placed its 'mxA-' national scale rating on Posadas on CreditWatch negative. The 'BB-' senior unsecured debt rating on Posadas was also placed on CreditWatch Negative. The CreditWatch listing follows the announcement that Posadas' offer of $165.5 million for 100% of the assets of Grupo Mexicana de Aviación S.A. de C.V. was accepted. Moreover, we expect a part of the capital of the airline to be placed in the Mexican Stock Exchange (Bolsa Mexicana de Valores) in the short term, by means
