Fitch upgrades Mabe

Fitch Ratings said it upgraded Controladora Mabe, SA de CV's foreign and local currency issuer default ratings to BBB- from BB+.

The outlook is stable.

The agency said the upgrade reflects expectations that Mabe's credit profile will strengthen, given robust cash flow generation due to awarded incremental orders for its export business.

The majority of these product lines should start to be delivered between 2018 and 2019, Fitch said.

A broader product portfolio and sourcing synergies from Mabe's relationship with Haier are also drivers supporting the upgrade and complement the company's solid market position throughout the Americas, resulting from the strong brand recognition of the Mabe and General Electric brands, the agency added.

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