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S&P ups Docuformas
S&P said it raised its long-term issuer credit ratings on Docuformas SAPI de CV to BB- from B+ global scale and to mxBBB+ from mxBBB national scale.
At the same time, the agency raised its issue-level rating on the company's $150 million senior unsecured notes to BB- from B+. S&P removed the ratings from CreditWatch, where S&P had placed them with positive implications on Sept. 7.
The outlook is stable.
In addition, S&P affirmed its mxA-2 short-term national scale issuer credit rating.
“The upgrade reflects Docuformas' recent capitalization of $27 million and new stockholders' structure,” said S&P credit analyst Mauricio Ponce in a news release.
“In our opinion, these resources, along with the company's internal capital generation, will enable it to maintain loan growth around 35%-40% in the next years while maintaining a sound capital base.”
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