Improved industry pricing in Alpek S.A.B. de C.V.'s polyester and plastics&chemicals segments have strengthened the company's profitability and leverage metrics. For the nine months ended Sept. 30, 2026, adjusted net debt-to-EBITDA ratios below 2.0x and positive cash flow, deleveraging faster than anticipated due to improved profitability. As a result, we revised our rating outlook on the company to stable from negative. At the same time, we affirmed our'BB+'issuer credit and issue-level ratings on Alpek. The stable outlook reflects our expectations of margin recovery in the next 12–18 months, mainly thanks to higher realized prices and volumes. Consequently, we expect adjusted net debt to EBITDA to stay below 2.0x and free operating cash flow (FOCF) to debt
