...Strong Group, Mining Focus: Grupo Mexico S.A.B. de C.V.'s ratings are supported by its historically robust credit metrics, as demonstrated by its consolidated rolling average net debt/EBITDA ratio of 0.5x and total debt/EBITDA ratio of 1.2x for the last five years. Fitch Ratings expects the group to generate consolidated EBITDA of approximately USD3.8 billion in 2014 with an EBITDA margin of 39%. In 2013, Grupo Mexico's mining division, Americas Mining Corp. (AMC, Issuer Default Rating BBB+/Stable), comprised 78% of its consolidated revenues, with transportation at 19% and infrastructure at 3%. Mining Division Importance: AMC is Grupo Mexico's 100%-owned copper mining holding company with mines in Mexico, Peru and the U.S. AMC benefits from its 84% ownership of Southern Copper Corporation (SCC, BBB+/Stable) and 100% ownership of Asarco LLC (Asarco), in Arizona. Ratings of Grupo Mexico and AMC are linked to those of SCC and follow Fitch's parent-subsidiary linkage criteria, which indicate...
