...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 the holding company (holdco) and operating companies, the expected flow of dividends to the holdco and its liquidity position. Fitch Ratings projects that Alfa's consolidated net leverage will continue strengthening to 2.5x in the next 12¡18 months, as the company is projected to reduce debt in its Alpek, S.A.B. de C.V. subsidiary, with the expected proceeds coming from the divestiture of two cogeneration plants. Alfa's credit quality is limited by the cyclicality of its operations in the petrochemical, automotive and oil and gas industries, and the company's exposure to price volatility in its main raw materials throughout its business portfolio....
