S&P rates Industrias Penoles notes BBB

S&P said it assigned its BBB issue-level rating to Industrias Penoles SAB de CV’s senior unsecured notes of up to $1.1 billion due 2029. The proposed notes won't be guaranteed by any of Penoles’ subsidiaries.

“Although this transaction represents an increase in Penoles’ net debt, we believe it also lengthens its debt maturity profile from 4.1 years to 7.7 years and improves its financing costs,” said S&P in a press release.

Proceeds will be used to redeem notes due 2020 and 2022.

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