S&P affirms Petrotemex

Standard & Poor's said it affirmed the BB global scale and mxA national scale corporate credit ratings on Grupo Petrotemex SA de CV, while removing the ratings from CreditWatch.

The agency said it placed the ratings on CreditWatch with negative implications in June following news that the company will acquire Wellman Inc. in the United States.

The outlook is stable.

The action followed the completion of a review of Petrotemex's pro forma business and financial profile, including the acquisition of Wellman, which was financed mostly with short-term debt, S&P said.

The agency said Petrotemex's business risk profile is considered fair based on its limited product and geographic diversity, exposure to price volatility and difficult operating environment in North America.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.