Fitch lifts Grupo Mexico

Fitch Ratings said it upgraded the local and foreign currency issuer default rating assigned to Grupo Mexico, SA de CV to BB+ from BB.

The outlook is stable.

In conjunction with this rating action, Fitch said it has upgraded the issuer default rating of Americas Mining Corp. to BB+ from BB. The outlook is stable.

The wholly owned subsidiary of Grupo Mexico and is the direct parent company of Southern Copper Corp.

Fitch added it affirmed the local and foreign currency issuer default ratings of BBB- for Southern Copper and Grupo Ferroviario Mexicano, SA de CV.

Grupo Mexico's upgrade to BB+ reflects the improving credit profile of the company on a consolidated basis and the strength of its two main operating subsidiaries, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.