Fitch to rate Engencap notes B

Fitch Ratings said it expects to assign BB- and B long- and short-term issuer default ratings to Engencap Holding, S de RL de CV at the time of the closing of Engencap's acquisition of TIP de Mexico, SAPI de CV.

The agency also expects to assign a B long-term rating to Engencap Holding's upcoming subordinated perpetual notes for up to $225 million.

The agency said the ratings reflect a view that the combined entity's business profile will be stronger due to an improved market position and larger business scale, asset diversification, better earnings generation capacity, improved profitability prospects and a more diversified funding mix.

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