Moody’s shifts Elementia view to stable

Moody’s Investors Service said it revised Elementia SAB de CV’s outlook to stable from negative. The change in outlook follows the spinoff of its metals and business systems divisions.

"The stable outlook reflects the strong rebound the company has had in 2021 that adequately positions it in its rating and increases predictability in free cash flow generation throughout a still uncertain economic environment," said Sandra Beltran, a Moody's vice president and senior analyst, in a press release.

The outlook also reflects the consideration that Elementia will stay focused in completing its liability management strategy that will strengthen its liquidity through 2022. At year-end 2022, Moody's said it forecasts total debt to EBITDA will be 3x, on a consolidated basis.

Concurrently, the agency affirmed Elementia’s debt ratings and corporate family ratings at Ba3 on the global scale and A3.mx on the national scale.

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