S&P affirms Industrias Unidas

Standard & Poor's said it affirmed the B corporate credit rating on Industrias Unidas SA de CV.

The outlook is negative.

S&P said the rating reflects the inherent cyclicality of the construction industry, commodity price volatility, competitive pressure on core products and markets, low operating margins and high leverage relative to operating cash flow generation.

These factors are partially offset by the company's leading market positions, its diversified product mix and some geographic diversification, the agency said.

For the 12 months ended March 31, total debt-to-EBITDA ratio of 7.2 times.

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