Fitch rates Penoles bond BBB

Fitch said it assigned a BBB rating to the benchmark senior unsecured bond to be issued by Industrias Penoles, SAB de CV.

“The rating of Penoles’ bond reflects its strong business profile characterized by its large scale of operations in precious and base metals, operational integration through smelting, diversified revenue stream and competitive cost structure. Despite operational headwinds related to the ramp-up of investments and operational disruption due to the coronavirus pandemic, Fitch Ratings expects Penoles to end 2020 with a net leverage ratio of 1.5x, which is slightly below Fitch’s prior projection of 1.6x,” the agency said in a press release.

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