Fitch affirms KUO

Fitch Ratings said it has affirmed the issuer default ratings and outstanding credit ratings on Grupo KUO, SAB de CV as follows: long-term issuer default rating at B+; long-term local currency issuer default rating at B+; long-term national rating at BBB(mex); IFC B loan participations at BB-/RR3; and $200 million senior notes due 2017 at BB-/RR3.

The outlook is stable.

The agency added that the ratings for KUO are based in its diversified revenue base, hard currency generation with 47.3% of revenues during the last 12 months ended Sept. 30, earned from direct and indirect exports and generated by subsidiaries located outside of Mexico, and joint ventures and strategic alliances with international industry leaders.

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