S&P takes Nemak off watch

S&P said it affirmed the ratings for Nemak SAB de CV, including its BB+ issuer and mxAA ratings and removed them from CreditWatch with negative implications. The agency also affirmed the BB+ rating and 3 recovery rating on its notes due 2024 and 2025.

“On Aug. 17, 2020, Nemak's shareholders approved the company's spin-off from Alfa SAB de CV (BBB/watch neg/--), which is set to be completed in the next 60 days. The spin-off is such that Alfa's shareholders will continue to control a 75.2% stake in Nemak, but under a new entity, Nemak Holding. We don't expect any changes in Nemak's board and management or in its operating strategy and financial policy,” S&P said in a press release.

The outlook is negative.

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