S&P lowers Grupo Kaltex

S&P said it lowered the long-term corporate credit rating on Grupo Kaltex, SA de CV to B from B+ and lowered the issue-level rating on the company's $320 million senior secured notes due 2022 to B from B+.

The recovery rating of 3, indicating an expectation of meaningful (50%-90%; rounded estimate 65%) recovery prospects in the event of a payment default, remains.

The outlook is negative.

“Throughout 2017, Kaltex's operating and financial performance has deviated considerably from our original expectations, reflecting a sharp decline in profitability that the company was unable to reverse,” the agency said in a news release.

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