S&P rates Kimberly-Clark de Mexico notes BBB+

S&P said it assigned its BBB+ issue-level rating to Kimberly-Clark de Mexico SAB de CV's proposed senior unsecured notes for up to $500 million due 2031. The payment of the proposed notes will be made in three equal annual installments – 2029, 2030, and the maturity date.

The company plans to use the proceeds for general corporate purposes, including the refinancing of debt on its balance sheet.

The notes will be senior unsecured and unguaranteed obligations and will rank equally in order and payment with the company’s existing debt. However, the notes will be structurally subordinated to all existing and future debt, and other obligations of the subsidiaries, Fitch said.

“The rating on the proposed notes is at the same level as our issuer credit rating on KCM, reflecting our view that there's no significant subordination risk present in its capital structure,” Fitch said in a press release.

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