...Alfa S.A.B. de C.V.'s ratings reflect its diversified business portfolio, strong market position in its industries, and geographic diversification with a global footprint. The ratings also incorporate the credit quality of its main subsidiaries, debt allocation between holding and operating companies, the expected flow of dividends to the holding company, as well as its liquidity position. Fitch Ratings projects that Alfa's consolidated net leverage will gradually decrease in the next 12¡18 months to below 3.0x. The company is reducing capex and is divesting two cogeneration plants from its Alpek, S.A.B. de C.V. subsidiary to finance an acquisition of petrochemical assets in Brazil and to improve its financial position. Alfa's credit quality is limited by the cyclicality of its operations in the petrochemical, automotive and oil and gas industries and by its exposure to price volatility in its main raw materials through its business portfolio....
