S&P affirms Penoles

S&P said it affirmed the BBB global scale and mxAAA national scale long-term corporate credit and issue-level ratings on Industrias Penoles SAB de CV.

The outlook is stable.

“We rate the issue-level ratings on Penoles' notes at the same level as our corporate credit rating on the company, given our expectation that priority liabilities to assets ratio will remain below 20%,” S&P said in a news release.

“We believe that Penoles will continue to post a sound operating and financial performance. The company continues to develop strategic growth projects to boost gold and silver output from its mines.”

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