Fitch rates M&G notes BB

Fitch Ratings said it assigned Mossi & Ghisolfi International SA a long-term issuer default rating of BB with a stable outlook. Fitch also assigned an expected rating of BB to the prospective $500 million of senior notes to be issued by M&G Finance Corp.

The ratings reflect M&G's strong market position in the polyethylene terephthalate sector and its solid market shares in the North and South American markets, the agency said.

The ratings consider M&G's lower-than-sector-average cyclicality resulting from its policy of long-term contracts, which provides some protection against volume declines during a downturn, the agency added.

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