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S&P ups Industrias Penoles
Standard & Poor's said it raised the long-term corporate credit rating on Industrias Penoles SAB de CV to BBB from BBB-.
The agency also said it affirmed its mxAA+ national scale rating.
The outlook is stable.
The upgrade reflects the company's solid financial performance throughout the industry cycle, supported by its moderate financial policy and strong liquidity, S&P said, along with an expectation that the company will continue to post strong key financial ratios.
The ratings also consider the company's satisfactory business position, which is supported by its low cost structure, good operating efficiency, vertical integration and position as the largest refined silver producer in the world, the agency said.
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