Moody's rates Peñoles notes Baa2

Moody's Investors Service said it assigned a Baa2 senior unsecured foreign-currency bond rating and a Aa1.mx national scale rating to Industrias Peñoles SAB de CV's proposed new certificados bursátiles Mexican long-term dollar-denominated local notes in two separate issuances not to exceed 10 years and a joint amount not to exceed $600 million.

The notes will be guaranteed by the company's principal subsidiaries, excluding Fresnillo plc, the agency added.

Moody's also said it assigned a Baa2 global local-currency issuer rating to Peñoles.

The outlook is stable.

The ratings reflect the solid and stable position of the company within the mining industry in Mexico, Moody's said.

Although its mines and metallurgical complex are all domiciled in Mexico, providing no geographic diversity, the ratings also consider the number of regions in which the company operates, the diversity of metals produced and the integrated nature of its business footprint, the agency said.

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