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Fitch rates KUO notes BB-
Fitch Ratings said it assigned a BB- rating to Grupo KUO, SAB de CV's proposed issue of up to $50 million senior unsecured notes due 2017 and affirmed its long-term issuer default rating at BB-, local-currency issuer default rating BB- and long-term national rating BBB+(mex).
The outlook is stable.
The new notes are an add-on to the $200 million 9¾% senior unsecured notes due 2017 issued in October 2007. Proceeds will be applied to debt repayment.
The agency said KUO's ratings reflect its diversified revenue stream, hard currency generation, joint ventures with international industry leaders and an improved financial profile.
The ratings incorporate the company's exposure to volatility in demand and input costs related to commodity prices across business lines, Fitch said.
The total debt-to-EBITDA ratio for the last 12 months ended June 30 was 2.4 times.
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