S&P affirms Alfa

S&P said it affirmed its BBB corporate credit rating on Alfa SAB de CV.

At the same time, the agency affirmed the BBB- issue-level ratings on the company.

The outlook is stable.

“Alfa's debt to EBITDA has risen above our previous expectations to slightly above 3.0x,” S&P said in a news release.

The agency said the increase is due to higher debt at its subsidiaries, particularly Alpek, and weaker EBITDA generation from Alpek and Nemak.

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