S&P places Grupo Petrotemex on positive watch

Standard & Poor's said it placed its ratings on Grupo Petrotemex SA de CV, including the BB+ global scale and mxA+ national scale corporate credit ratings, on CreditWatch with positive implications.

The CreditWatch placement follows the announcement by Petrotemex's parent company, Alpek SAB de CV, of a cash tender offer to purchase any and all of Petrotemex's outstanding $275 million bond due 2014 with proceeds from Alpek's recent IPO.

S&P said it expects to resolve the CreditWatch during the next 90 days. The agency said there is a possibility that the agency will raise its ratings on Petrotemex by one notch following the successful completion of the cash tender offer in full, or a combination of bonds and other debt prepayments of about $275 million

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