Fitch rates Amanco BBB-

Fitch Ratings said it assigned foreign currency and local currency issuer default ratings of BBB- to Amanco Holding, Inc. y Subsidiarias. Fitch also assigned a national scale rating of AA+(pan) to Amanco.

The outlook is stable.

Fitch said the ratings are supported by the company's business position as the leading manufacturer and distributor of polyvinylchloride pipe systems in Latin America; its broad geographic diversification, with operations in 13 countries; its low cost structure; and its conservative financial profile. Amanco has market leadership in most of the countries in which it operates with the exception of Brazil and Mexico, where it is the second-largest player.

There is high political and economic risk in some of the countries in which the company operates, which include Brazil (BB), Colombia (BB), Costa Rica (BB), Peru (BB), Venezuela (BB-), Ecuador (B-) and Argentina. Revenues are also exposed to the economic cycle of each local market, particularly construction, agricultural and infrastructure public and private investments, Fitch said.

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