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S&P affirms Elementia
S&P said it affirmed the BB long-term corporate credit rating on Elementia SAB de CV.
The outlook remains stable.
At the same time, the agency affirmed the BB issue-level rating on Elementia's $425 million senior unsecured notes due 2025 and revised the recovery rating to 3 (rounded estimate 50%) from 4, indicating an expectation of meaningful recovery in the event of a default.
Since Elementia acquired Giant in November 2016, the company has smoothly integrated the U.S. operations and reported consistent deleveraging, the agency explained.
“We now expect Elementia's adjusted debt to EBITDA to be close to 3.5x at the end of 2017,” S&P said in a news release.
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