S&P revises Alpek view to positive

S&P said it revised Alpek SAB de CV’s outlook to positive from stable and affirmed its BB+ ratings. The 3 (50%-90%) recovery rating is unchanged.

“Solid demand for Alpek's products during 2020, despite considerable downside risks due to the recession in key markets, boosted the company's financial results. We expect healthy consumption trends in polyethylene terephthalate (PET), expandable polystyrene (EPS) and polypropylene (PP) in Alpek's markets to hold in 2021,” the agency said in a press release.

S&P noted it could upgrade Alpek in the next 12 months if its credit metrics provide enough comfort that its leverage metric will remain below 2x.

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