Fitch gives Controladora Mabe BBB- senior rating

Fitch Ratings said it assigned senior unsecured foreign currency and local currency ratings of BBB- to Mexico's Controladora Mabe SA de CV and a preliminary foreign currency rating of BBB- to the company's $200 million guaranteed senior notes due 2015.

The outlook is stable.

Proceeds will be used to fund Mabe's $59 million acquisition of Camco Inc. and to refinance existing short-term debt.

The ratings are supported by Mabe's business position as Mexico's leading manufacturer and exporter of large household appliances, its joint venture and strong relationship with General Electric, geographic diversity of sales, large export revenue base, well known brands and adequate capital structure, the agency said.

The ratings are constrained by Mabe's fragmented Latin American markets where the company faces intense competition, Moody's said.

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