S&P gives B+ to Docuformas notes

S&P said it assigned its B+ issue-level rating to Docuformas SAPI de CV's (B+/stable/--) proposed up to $175 million senior unsecured notes. The tenure of the notes will be five years and will bear a fixed rate.

“The debt rating reflects the lender's secured debt that we expect will represent less than 15% of adjusted assets by the end of 2017 and around 11% by the end of 2018, and its unencumbered assets will cover the unsecured debt by 1x (at the end of 2017) and 1.4x (at the end of 2018),” the agency said in a news release.

“Furthermore, the rating indicates that the notes will rank equally in right of payment with all of Docuforma's existing and future senior unsecured debt.”

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