S&P might lift Docuformas

S&P said it placed its long-term B+ global and mxBBB Mexican national scale issuer credit ratings on Docuformas on CreditWatch with positive implications.

The agency also placed the B+ issue-level rating on Docuformas' $150 million senior unsecured notes on CreditWatch positive.

S&P said the CreditWatch placement follows Docuformas new stockholder structure.

Because of the new structure, the company received a $15 million capital injection strengthening its risk-adjusted capital.

Furthermore, the company announced that an additional $12 million injection could take place in the coming weeks.

“As a result, our projected RAC ratio – currently projected at 7.5%-8.5% for 2018 – could rise to a stronger category (above 10%), which could trigger an upgrade on Docuformas,” the agency said in a news release.

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