...MEXICO CITY (S&P Global Ratings) Dec. 16, 2020--S&P Global Ratings said today that Elementia S.A.B. de C.V.'s (##-/Negative/--) recently announced redemption of its 5.5% senior unsecured notes due 2025 should improve its capital structure by reducing its exposure to foreign currency volatility. Moreover, the company estimates financial cost savings will be generated after the transaction concludes. Elementia plans to redeem the $425 million of the notes' principal on Jan. 15, 2021, at the stated redemption price in the indenture of 101.833% of the principal amount, in addition to the semiannual coupon payment due on the same day. In our view, the transaction could improve the company's capital structure in terms of its exposure to foreign currency volatility, although almost half of the company's revenue is dollar-denominated, which in our opinion provides a natural hedge to currency fluctuations. Moreover, Elementia plans to redeem the notes with a mix of cash reserves and refinancing,...