S&P revises Industrias Penoles view to stable

S&P said it revised its outlook for Industrias Penoles SAB de CV to stable from positive.

The agency expected the company to improve its free operating cash flow, but it hasn’t, citing delays in project expansion and lower metals prices.

“The stable outlook reflects our expectation that Penoles will increase its EBITDA generation in the next 12-24 months as it benefits from increased volumes from its expansion projects, leading to debt to EBITDA below 1.5x,” said S&P in a news release.

S&P affirmed the company’s BBB global scale and mxAAA national scale issuer credit ratings and issue credit ratings.

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