Despite challenging economic conditions and weak prices, we expect Mexico-based petrochemical company, Alpek, to maintain its strong market position and its operating and financial performance in line with its rating category for the next two years. We are affirming our 'BBB-' ratings on Alpek. The stable outlook reflects our expectation that Alpek will maintain its key credit metrics within our "modest" category for the financial risk profile for the next two years. On June 19, 2015, Standard&Poor's Ratings Services affirmed its 'BBB-' corporate credit rating on Alpek S.A.B. de C.V. We also affirmed our 'BBB-' issue-level rating on Alpek's $300 million and $650 million senior unsecured notes due 2023 and 2022, respectively. The outlook on the corporate credit
