Moody's changes Alpek outlook to stable

Moody's Investors Service said it affirmed Alpek, SAB de CV’s Baa3 senior unsecured ratings and changed the outlook to stable from positive.

“The ratings affirmation on Alpek's Baa3 rating and change in the outlook to stable from positive was triggered by Moody's expectations that credit metrics will be weaker than expected due to the industry's down cycle and reduced demand for certain sectors, counterbalanced by the company's robust liquidity and solid capital structure,” the agency said in a press release.

Lower EBITDA, driven by lower margins and a decrease in sales volume, weakened Alpek’s credit metrics over the 12 months ended June 30, Moody’s said.

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