S&P revises Elementia view to negative

S&P said it revised its outlook on Elementia, SAB de CV to negative from stable and affirmed the BB issuer credit rating on the company.

At the same time, S&P affirmed its BB issue-level rating on Elementia's $425 million senior unsecured notes due 2025. Moreover, the recovery rating of 3 (rounded estimate 50%) on the notes, indicating an expectation of meaningful recovery prospect for the bondholders in the event of a payment default, remains unchanged.

“During the 12 months ended September 2018, Elementia has faced several internal and external setbacks that pressured its profitability, cash position, and key credit metrics beyond our expectations,” S&P said in a news release.

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