S&P rates Xignux notes B+

Standard & Poor's said it assigned its B+ rating to Mexico-based Xignux SA's proposed 10-year $126 million senior notes due 2014. The new notes will be issued as part of Xignux's offer to exchange its outstanding 9% senior notes due August 2004.

The BB- local and foreign currency long-term corporate credit ratings on the company were affirmed.

The outlook is negative.

"The ratings on Xignux (formerly Axa SA de CV) reflect its high leverage, the cyclical nature of some of its end-markets, and increasing costs as a result of the strength of the Mexican peso in recent years. The ratings also consider Xignux's significant market share positions, product diversity, and vertical integration," said S&P credit analyst Jose Coballasi.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.