S&P affirms Docuformas notes

S&P said it affirmed its B+ issue-level rating on Docuformas SAPI de CV's senior unsecured notes, following the $25 million add-on to the original $175 million issuance.

The agency said the rating reflects the lender's secured debt that S&P expects will represent slightly less than 15% of adjusted assets by the end of 2017 and around 11% by the end of 2018, and its unencumbered assets will cover the unsecured debt by 1x at the end of 2017 and 1.4x at the end of 2018.

“Furthermore, the rating indicates that the notes will rank equally in right of payment with all of Docuforma's existing and future senior unsecured debt,” the agency said in a news release.

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