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Fitch rates Orbia notes BBB
Fitch Ratings said it gave a BBB rating to the proposed senior unsecured sustainability-linked notes due 2026 and 2031 to be issued by Orbia Advance Corp., SAB de CV.
Fitch rates Orbia's long-term foreign- and local-currency issuer default ratings BBB with a stable outlook.
Proceeds will be used for the payment in full or a portion of its 8.12% peso-denominated notes due 2022, and 4 7/8% of its dollar-denominated notes due 2022, as well as for general corporate purposes.
“The sustainability-linked securities framework establishes a goal of reducing sulfur oxide (SOx) emissions by 60% by 2025 on the 2031 notes, and by 44% by 2023 on the 2026 notes, as compared to the 2018 baseline year. These targets are subject to certain exclusions related to acquisitions. If Orbia fails to meet the targets and conditions there could be an interest step up of 25 basis points,” Fitch said in a press release.
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