S&P rates Industrias Penoles notes BBB

S&P said it assigned its BBB issue-level rating to Industrias Penoles SAB de CV’s senior unsecured notes of up to $600 million.

“We view the proposed refinancing transaction as debt neutral and believe that Penoles’s credit measures will remain appropriate for its current rating. The debt offering will also extend the company’s debt maturity profile at a potentially favorable interest rate,” S&P said in a press release.

The company intends to use the proceeds to repay debt and for general corporate purposes.

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