Alpek has improved its operating performance and key credit metrics in spite of a challenging 2015 and early 2016 related to low oil prices and soft macroeconomic conditions. We are affirming our 'BBB-' ratings on Alpek. At the same time, we are affirming our 'BBB-' issue-level rating on Alpek's $300 million and $650 million senior unsecured notes due 2023 and 2022, respectively. The stable outlook reflects our expectation that Alpek will maintain its key credit metrics within its financial risk profile category, including debt to EBITDA of less than 2.0x and FFO to debt of more than 40% for the next two years underpinned by business position, strong liquidity, and operating efficiencies. On June 22, 2016, S&P Global Ratings affirmed
