S&P lifts Grupo Mexico

S&P said it raised its long-term issuer credit rating on Grupo Mexico SAB de CV to BBB+ from BBB.

At the same time, the agency raised the corporate credit ratings on Americas Mining Corp., Southern Copper Corp. and Minera Mexico SA de CV to BBB+ from BBB.

S&P said it continues to believe these companies are core to the overall group's operations.

The outlook is stable.

The agency also raised the issue-level ratings on all senior unsecured notes of Southern Copper and Minera Mexico to BBB+ from BBB.

“Grupo Mexico has smoothly integrated Florida East Coast Railway (FECR) into its transportation division, providing greater business diversification and bolstering its cash flows, while reducing its commodity concentration risk,” S&P said in a news release.

“We continue to expect Grupo Mexico to remain committed to its prudent financial policy and to maintain solid credit metrics in the future.”

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