Fitch Ratings affirms Kimberly-Clark de Mexico

Fitch Ratings said it affirmed the A foreign- and local-currency issuer default ratings of Kimberly-Clark de Mexico, SAB de CV and seven series of CBs at AAA(mex).

The outlook is stable.

Ratings reflect the company's dominant market position, strong cash flow generation, solid liquidity and low leverage, the agency said.

The company's foreign currency issuer default rating above Mexico's A- country ceiling is due to the company's strong capital structure and liquidity position, proven debt-payment track record and implicit support from Kimberly-Clark Corp., which is rated A with a stable outlook, which owns 47.9% of the issuer, according to Fitch.

Ratings reflect a highly stable base business, considerable cash flow and low leverage, the agency said, with a debt-to-EBITDA ratio of 0.7x for the 12 months ended in June.

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