...September 1, 2023 The recent rating action on Alfa S.A.B. de C.V. has no impact on the ratings on Alpek S.A.B. de C.V. Despite outlook revision on the parent company Alfa to stable from positive and the '###-' rating affirmation on it, our rating on Alpek (###-/Stable/--) remains unchanged. This is because its stand-alone credit profile of '###-' equals that of its parent. Although Alfa announced in 2020 its plan to spin off some of its subsidiaries (including Alpek as part of the group's divestment plan in the long term) to maximize the group's value, the timing of Alpek's spin-off is still uncertain. Therefore, we still consider Alpek an important part of Alfa's strategy. We continue to view Alpek as a moderately strategic subsidiary of Alfa, given that we believe it's unlikely to be sold in the near term. Although the rating on Alpek is currently at the same level as that on Alfa, if a downgrade of the latter were to occur, we would take the same rating action on Alpek because the rating...
