S&P lifts Grupo KUO

S&P said it boosted Grupo KUO SAB de CV’s global issuer and issue ratings to BB from BB- and its national scale rating to mxA from mxBBB+.

KUO delivered record-high earnings during 2021. “S&P Global Ratings believe this trend will continue thanks to high petrochemicals prices and a solid momentum in the company's pork division, which will reduce leverage to the low 2x area in the following years,” the agency said in a press release.

S&P noted KUO lengthened its weighted average maturity to 5.5 years from 4.6 years through debt refinancing. Additionally, it refinanced its $300 million committed credit facilities due 2027.

The outlook is stable.

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