S&P rates Financiera Independencia notes BB-

S&P said it assigned a BB- issue-level rating to Financiera Independencia SAB de CV Sofom ENR's (global scale: BB-/stable/--; national scale: mxBBB+/stable/mxA-2) proposed seven-year senior unsecured notes for up to $250 million due 2024.

S&P said the BB- rating is at the same level as the long-term global scale issuer credit rating, reflecting their pari passu status because the notes will rank equally in right of payment with all of the company's existing and future senior unsecured debt.

Additionally, as of March 31, secured debt represented less than 30% of adjusted assets and unencumbered assets, completely covered unsecured debt. Consequently, the agency said it doesn't apply notches of subordination to this issuance.

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