S&P: Grupo Petrotemex unchanged

Standard & Poor's said Grupo Petrotemex SA de CV's (BBB-/stable) announcement that it will double its purified terephthalic acid capacity through the construction of a new 450,000 ton-per-year plant at its site in Altamira will have no immediate impact on the company's rating or outlook.

The agency said the investment is expected to be fully funded with operating cash flow.

The announcement is consistent with S&P's expectations that Petrotemex's parent company, Alfa, will continue with its business strategy of investing in its core operations in petrochemicals, refrigerated food and aluminum auto components, the agency noted.

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