...Consistently Low Leverage: Southern Copper Corporation (SCC) is the main contributor to Grupo Mexico's strong financial profile, with Fitch expecting the company to account for 61% of group revenues and 73% of EBITDA in 2014. SCC's average net debt-to-EBITDA ratio in 2009- 2013 was 0.5x, ranking it equivalently beside BHP Billiton Plc/Limited (BHP: long-term foreign- currency [LT FC] Issuer Default Rating [IDR] A+; Stable Outlook). Fitch expects that SCC will continue to exhibit robust credit metrics through its current investment plan at a time of lower prices, with net debt to EBITDA remaining below 1.5x from 2014 to 2017 First-Quartile Copper Producer: SCC's ratings are supported by its position as one of the lowest-cash-cost producers of copper in the world due to its high-grade mining assets in Peru and Mexico, and its strong profitability while historically maintaining a very conservative leverage profile. For the nine months to September 2014, SCC had an industry-leading operating...
