Mexico-based home appliance company, Mabe, continues improving its cash flow generation and key credit metrics despite still challenging market dynamics and currency volatility in most Latin American countries. We are revising our outlook on the company to positive from stable. At the same time, we are affirming our 'BB+' corporate credit and debt ratings on Mabe. The positive outlook reflects our view that Mabe will continue improving its operating performance despite a more challenging economy in most markets it operates, supported by a favorable environment of raw materials globally and the company's operating efficiencies which could maintain its debt to EBITDA below 3.0x and lead its free operating cash flow (FOCF) to debt above 15% on a consistent basis. On
