...MEXICO CITY (S&P Global Ratings) Jan. 11, 2018--S&P Global Ratings assigned today its '##+' issue-level rating to Nemak S.A.B. de C.V.'s (##+/Stable/--) proposed $500 million senior unsecured notes due 2025. At the same time, we assigned our recovery rating of '3' to the notes, indicating our expectation for a meaningful (50%-90%; rounded estimate: 55%) recovery in the event of a payment default. Our ratings on Nemak, including our '##+' long-term corporate credit rating, are unchanged. Nemak plans to use the proceeds to refinance its existing $500 million senior unsecured notes due 2023. We expect the proposed transaction to improve Nemak's debt maturity profile by extending the average debt term to about six years from about five, further supporting our capital structure assessment on the company. Additionally, we consider that the transaction will reduce Nemak's cost of debt and will equalize covenants with those of its euro-denominated senior unsecured notes due 2024. In connection...
