S&P ups Imsa to BBB

Standard & Poor's said it raised its local currency corporate credit rating on Grupo Imsa SA de CV to BBB from BBB- and removed it from CreditWatch where it had been placed July 20.

S&P also affirmed its BBB- foreign currency corporate credit rating on Imsa. The local and foreign currency outlooks are stable.

The upgrade is a result of Imsa's financial profile improvement due to both the favorable pricing environment and the debt reduction due to Enermex's sale, according to S&P.

Johnson Controls Inc. and Imsa, joint venture partners in Enermex, closed an agreement in which Johnson Controls acquired 100% ownership of this business unit.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.