S&P might lower Rassini

S&P said it placed its long-term BB issuer credit rating on Rassini, SAB de CV on CreditWatch with negative implications.

“The CreditWatch negative on the rating follows Rassini's announcement of a proposed offer to purchase 55% of its free-floating shares, for a total transaction value of around $365 million, which would be fully financed with debt,” the agency said in a news release.

“In our view, this announcement represents a departure from the company's leverage policy, and would trigger a spike in its debt-to-EBITDA ratio, which would deviate from a level consistent with our current assessment of the company's financial risk profile.”

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