S&P rates Consupago notes mxA

Standard & Poor's said it raised the rating on Consupago SA de CV SFOL's Ps. 750 million unsecured notes to BB from BB-.

At the same time, the agency said it assigned an mxA national scale rating to the company's proposed Ps. 500 million first issuance of medium-term notes under its Ps. 2 billion long-term program.

The agency also affirmed its ratings on the company, including the BB global scale and mxA/mxA-2 national scale issuer credit ratings. The outlook is stable.

S&P said the upgrade reflects the company's reduced proportion of secured funding in recent months. This reduction freed assets that served as collateral, making more unpledged assets available to pay for the company's unsecured debt, the agency said.

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