S&P lifts Petrotemex to mxAA-

Standard & Poor's said it affirmed its BB+ global scale ratings on Grupo Petrotemex SA de CV.

At the same time, the agency said it raised its national scale credit rating to mxAA- from mxA+ on the company.

In addition, the agency removed all ratings from CreditWatch with positive implications, where they were placed on July 16. The outlook is positive.

Following the announcement of a company bond repurchase, S&P placed the ratings on the company on CreditWatch positive, signaling a potential upgrade if the debt reduction was completed successfully. The company successfully reduced debt by $296.4 million.

However, after reviewing the final results and given S&P's assessment of the company's fair business risk profile, which limits the ratings at this point, the agency said an upgrade would mainly depend on the company's ability to further improve its financial risk profile.

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