...Fitch Ratings affirmed Alpek, S.A.B. de C.V.'s Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs) and senior unsecured notes at `BBB¡' on Sept. 4, 2019. The Rating Outlook is Stable. Fitch also assigned a first-time `BBB¡' rating to Alpek's proposed senior unsecured notes for up to USD500 million due 2029. The proceeds from the notes would be used for liability management and general corporate purposes. Alpek's ratings are supported by its strong business profile; leading market positions across the Americas in its key products; broad geographical diversification; record of maintaining an adequate capital structure for its rating level, with a five-year average net adjusted debt/EBITDA of 2.2x; solid liquidity position; and financial flexibility. The ratings also reflect its solid customer base and end markets' resilience to economic downturns. The ratings also incorporate the cyclical nature of its industry, strong competitive environment and Alpek's record of bolt-on acquisitions....
