Fitch lifts Grupo Mexico

Fitch Ratings said it upgraded the foreign-currency and local-currency issuer default ratings of Grupo Mexico, SA de CV to BBB from BBB-, along with Americas Mining Corp.'s foreign-currency long-term issuer default rating to BBB from BBB-.

The agency also said it affirmed the issuer default ratings and outstanding debt ratings of Southern Copper Corp. at BBB and unsecured debt issuances at BBB.

The outlook is stable.

The upgrade incorporates the successful resolutions in the company's favor for Asarco, Cananaea and the likely merger of Ferromex and Ferrosur, Fitch said.

The group is a diversified conglomerate with strong assets in the mining and transportation sectors that has successfully resolved all the outstanding issues that differentiated its risk from its main operating subsidiary, Southern Copper, the agency said.

Also supporting the ratings are the strong financial and operational performance of its subsidiaries in the mining and transportation sectors and its conservative credit profile, Fitch added.

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