S&P upgrades Sanluis Rassini

Standard & Poor’s said it raised the long-term corporate credit rating on Sanluis Rassini SA de CV to BB- from B+.

The outlook is stable.

The upgrade reflects a reassessment of the company’s financial-policy modifier to neutral from negative, reflecting its commitment to improving credit metrics with stronger top line growth and debt reduction, S&P said.

Sanluis Rassini is benefitting from positive momentum in the U.S. auto industry, leading to improved operating performance and cash-flow generation for the company, the agency said.

The company also pre-paid about $80 million of its debt in the last two years, which mitigates the refinancing risk of its fourth-quarter 2014 debt maturity, S&P added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.