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Prospect News home > News index > List of issuers I > Headlines for Industrias Peņoles SAB de CV > News item
Published on 5/12/2008 in the Prospect News Emerging Markets Daily.

S&P affirms Penoles

Standard & Poor's said it affirmed its BBB- long-term corporate credit rating on Industrias Penoles SAB de CV after Fresnillo plc's IPO on the London Stock Exchange.

The outlook is stable.

The agency said that it believes that the IPO will not have an immediate impact on our rating on Peņoles because the issuer will continue to consolidate Fresnillo's operations, which it expects to be debt free.

Nevertheless, if Fresnillo's operations take on debt, the agency said that it will have to evaluate a possible structural subordination of Peņoles' debt.


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