Moody's lifts Penoles view to positive

Moody's Investors Service said it affirmed the Baa3 long-term issuer rating of Industrias Penoles SAB de CV and changed the outlook to positive from stable.

The outlook change reflects the company's strong positioning within the rating category following a solid operating performance in 2016, which resulted in a strengthening of Penoles' financial metrics, Moody's said.

The agency said it expects that the company's financial metrics to remain strong in the next 12 to 18 months and continue to position the company solidly in its rating category.

The ratings also consider its strong production profile and vertically-integrated operations, solid earnings and cash-generating capacity, Moody's said.

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