Fitch: Petrotemex view up to stable

Fitch Ratings said it affirmed Grupo Petrotemex, SA de CV's issuer default rating at BB+, local-currency issuer default rating at BB+, $75 million privately placed senior notes due 2012 at BB+ and DAK Americas' $115 million privately placed senior notes due 2014 at BB+.

The outlook was revised to stable from negative.

The outlook revision reflects the company's strong performance during 2009, when it was able to increase cash generation and modestly reduce debt, Fitch said.

The company's liquidity also improved due to the company's issuance during August and December 2009 of $275 million of senior notes due 2014, the agency said.

The ratings are constrained by the volatility of the industry, Fitch added.

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