S&P lifts Grupo Petrotemex

Standard & Poor's said it raised its long-term corporate credit rating on Grupo Petrotemex SA de CV to BBB from BBB-.

The outlook is stable.

The agency said that the rating action reflects the company's strong credit metrics and improved capital structure despite intensive capital investments and higher product integration and larger-scale.

S&P added that the ratings on Petrotemex reflect the company's strong market position in Mexico and the United States as a leading North American Free Trade Agreement producer of PTA and DMT, as well as a relevant producer of PET and polyester fibers, its improved financial profile, evidenced by favorable credit measures and strong cash-flow generation, its low cost position and long-standing agreements with customers and suppliers.

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