Moody’s: San Miguel Industrias view negative

Moody's Investors Service said it changed San Miguel Industrias PET SA's outlook to negative.

At the same time, the agency affirmed the company’s Ba2 global scale corporate family rating and the Ba2 rating at its $200 million senior unsecured notes due 2020.

Moody’s said the negative outlook primarily reflects San Miguel’s weaker than originally anticipated credit metrics, specially its adjusted leverage ratio of 5.2 times as of December 2014. Following the issuance of $200 million notes in October 2013, the agency expected the company to deleverage toward a 4 times adjusted debt/EBITDA within a year horizon.

Mainly as a result of delays in the international business development in Colombia and Ecuador, Moody’s now projects that it could take San Miguel more than an additional year to approach such levels.

© 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.