S&P rates Docuformas notes BB-

S&P said it assigned its BB- issue-level rating to Docuformas SAPI de CV's proposed five-year senior notes for up to $300 million.

At the same time, the agency affirmed the global scale BB- long-term issuer credit rating and the national scale mxBBB+/mxA-2 issuer credit ratings on Docuformas.

S&P also affirmed the BB- issue-level rating on the lender's outstanding $150 million senior notes due 2022.

“Our BB- rating on the new notes is at the same level as the long-term global scale ICR. The debt rating reflects our expectation that Docuformas' unencumbered assets will fully cover the unsecured debt, and that the lender's secured debt will represent less than 15% of adjusted assets as of 2019,” the agency said in a news release.

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