Fitch Affirms and Withdraws Grupo Petrotemex and DAK Americas's Ratings

MONTERREY, Mexico--()--Fitch Ratings has affirmed Grupo Petrotemex, S.A. de C.V.'s (Petrotemex) local and foreign currency Issuer Default Ratings (IDRs) at 'BBB-' and DAK Americas LLC's (DAK) foreign currency IDR at 'BBB-'.

Fitch has simultaneously withdrawn the ratings of these companies as they are no longer considered by Fitch to be relevant to the agency's coverage. To date, Petrotemex and DAK do not have outstanding debt issued in the capital markets and do not plan to access them in the midterm. Fitch will no longer provide ratings or analytical coverage of these issuers.

Fitch will continue to provide ratings and analytical coverage to parent company Alpek, S.A.B. de C.V. (Alpek). A full list of Alpek's ratings follows at the end of this press release.

KEY RATING DRIVERS

Under Fitch's approach to rating entities within a corporate group structure, Alpek, DAK and Petrotemex are rated the same, as the linkage among them is considered strong. Some of the factors for the strong linkage include the integration of operations and management as well as debt guaranteed by the subsidiary and cross-default provisions.

Fitch currently rates Alpek as follows:

--Local currency IDR 'BBB-';

--Foreign currency IDR 'BBB-';

--USD650 million senior notes due 2022 'BBB-'

--USD300 million senior notes due 2023 'BBB-'.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Corporate Rating Methodology' (May 28, 2014)

Applicable Criteria and Related Research:

Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749393

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=979422

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Analyst
Gilberto Gonzalez, CFA
Associate Director
+52-81-8399-9100
Fitch Mexico S.A. de C.V.
Prol. Alfonso Reyes 2612
Monterrey, N.L., Mexico
or
Secondary Analyst
Debora Jalles
Director
+55-21-4503-2600
or
Committee Chairperson
Sergio Rodriguez, CFA
Senior Director
+52-81-8399-9100
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Gilberto Gonzalez, CFA
Associate Director
+52-81-8399-9100
Fitch Mexico S.A. de C.V.
Prol. Alfonso Reyes 2612
Monterrey, N.L., Mexico
or
Secondary Analyst
Debora Jalles
Director
+55-21-4503-2600
or
Committee Chairperson
Sergio Rodriguez, CFA
Senior Director
+52-81-8399-9100
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com