Fitch rates Penoles notes BBB

Fitch Ratings said it assigned a BBB rating to Industrias Penoles, SAB de CV’s proposed benchmark sized senior unsecured issuance.

These notes will rank equally with all of Penoles’ existing and future senior unsecured debt and are not guaranteed by any of Penoles’ subsidiaries, the agency said.

Proceeds will be used to refinance the company's $400 million of notes due 2020 and $200 million notes due 2022, and for general corporate purposes.

“Penoles’ BBB rating reflect its strong business profile, characterized by its large scale of operations in precious and base metals, diversified revenues and historically low cost of production,” Fitch said in a press release.

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