Fitch ups Petrotemex view to positive

Fitch Ratings said it has affirmed Grupo Petrotemex, SA de CV's senior unsecured local and foreign currency ratings at BBB-, as well as its national scale rating of AA(mex).

The outlook has been revised to positive from stable, which reflects Grupo Petrotemex's continued strong operating and financial performance, Fitch said.

Fitch noted the company benefits from strong domestic and global competitive positions, long-term supply and customer arrangements and diversified operating base.

Grupo Petrotemex is a subsidiary of Alpek, which in turn is a subsidiary of ALFA, and has operations in Mexico and in the United States. Fitch said it incorporates the credit strength of Alpek and ALFA in its credit assessment of Grupo Petrotemex. Material changes in the credit quality of either company could positively or negatively affect Grupo Petrotemex's credit rating, Fitch said.

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