...Methanex Corp.'s ratings reflect the company's position as the largest global supplier of methanol, with a global distribution network and production capacity of 11.1 million metric tons (MT), pro forma its Geismar 3 (G3) expansion. The ratings also reflect the company's portfolio's high grading, good historical financial performance as well as solid historical free cash flow (FCF) and leverage metrics. Offsetting this is the sensitivity of methanol to crude and natural gas prices and demand from China, particularly at methanol-to-olefins (MTO) facilities, and the expense associated with maintaining shipping and storage facilities. The Stable Outlook reflects a stable demand environment, with realized prices sufficient to repay upcoming maturities with internally generated cash, while maintaining a conservative medium-term capital deployment policy....
