...Strong Market Position: Alpek, S.A.B. de C.V. holds leading market positions in North America for both purified terephthalic acid (PTA) and polyethylene terephthalate (PET). Alpek is also the largest producer of expandable polystyrene (EPS) in the Americas and holds strong market positions in Mexico in polypropylene (PP) and caprolactam (CPL). Alpek is Mexico's sole CPL producer, most of which is exported to China. It is also the sole producer of PP through Indelpro, S.A. de C.V., its joint venture with LyondellBasell Industries Holdings, B.V. Solid Financial Profile: The ratings consider the company's strong cash flow generation, reflecting high capacity utilization rates, long-term contracts and relationships with clients, and cost-plus pricing formula in the North American PTA segment. The company's growth strategy, which has been financed with debt, internally generated funds and equity, is also factored into the ratings. Since the company's IPO in 2012, total debt has remained stable...
