...- On Sept. 10, 2020, S&P Ratings downgraded Alfa, S.A.B de C.V. to '###-'from '###' after it announced that is reorganizing its business portfolio through the approved spin-off of its auto-parts subsidiary, Nemak S.A.B. de C.V., and its plans to continue divesting from Axtel, S.A.B. de C.V. The outlook on Alfa is stable. - We continue to view Mexico-based petrochemicals producer Alpek S.A.B. de C.V. as a moderately strategic subsidiary of Alfa, which caps the rating one notch below Alfa's rating, unless Alpek's SACP were at the same level or above Alfa's. - On Sept. 10, 2020, S&P Global Ratings lowered the global scale issuer credit and issue-level ratings on Alpek to '##+' from '###-'. At the same time, we assigned a recovery rating of '3' to the company's senior unsecured notes, indicating our expectation of a meaningful recovery (50-90%) for lenders in the event of a default. - We continue to expect that Alpek will maintain the resilient operating and financial performance it has shown...
