S&P assigns BBB- to Controladora Mabe notes

Standard & Poor's said it affirmed its BBB- global scale corporate credit rating on Controladora Mabe SA de CV and assigned its BBB- senior unsecured debt rating to Mabe's proposed issuance of up to $300 million in Rule 144A long-term notes due 2019.

The outlook is negative.

"Our rating on Mabe is supported by: its satisfactory business profile, and considers the favorable credit results from Mabe's joint venture with General Electric Co.; Mabe's leading position in Mexico and other Latin American countries; and the company's revenue and geographic diversification," said S&P credit analyst Laura Martinez in a news release.

"The rating also reflects the intense competition in the firm's main markets, its still relatively high leverage, and its vulnerability to global economic downturns. The current rating does not consider any further acquisition or significant investment in the near term."

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