Fitch: Grupo Mexico, Americas Mining unchanged

Fitch Ratings said the issuer default ratings of Grupo Mexico SAB de CV and Americas Mining Corp. are both expected to remain unchanged at BBB following Americas Mining's recent payment of $2.1 billion in cash to its 80.9% owned subsidiary, Southern Copper Corp.

The recent payment follows Americas Mining's unsuccessful appeal in August against the Delaware Court of Chancery ruling in October 2011. Southern Copper, in turn, paid the $316 million in relation to the attorneys' fees awarded by the Chancery Court, Fitch said.

Americas Mining previously indicated that it could pay the amount using cash or a transfer of Southern Copper shares if the ruling was upheld following its appeal.

Due to a significant increase in the share price of Southern Copper, the company decided to pay the amount exclusively in cash, financed by a $2.1 billion syndicated loan with a one-year term, the agency said.

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