Fitch applies BB to Grupo KUO notes

Fitch Ratings said it assigned a BB(EXP) rating to Grupo KUO, SAB de CV's proposed $350 million senior unsecured notes issuance due in 2027.

Proceeds will be used for refinancing purposes, including its $325 million of senior unsecured notes maturing in 2022.

Fitch said the ratings reflect Grupo KUO's diversified business portfolio, leading market positions across the industries where it participates, and stable financial profile.

The ratings also incorporate the diversification coming from its exports and joint ventures with international industry leaders.

The company's strategy is oriented toward developing high value-added products with attractive returns, the agency added.

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