04 August 2009 21:56 [Source: ICIS news]
MEXICO CITY (ICIS news)--Fitch Ratings raised on Tuesday the rating of Mexican petrochemical firm Mexichem to an investment grade of BBB-.
Fitch called Mexichem an industry leader with “important market shares and presence in Latin America, which in turn translates into geographic revenue diversification”.
The report commended Mexichem’s “competitive cost structure and solid financial profile” and noted that its vertical integration along its three key production chains – chlorine-vinyl, fluorine and polyvinyl chloride (PVC) pipes and fittings – allowed the company to focus development on value-added products and place barriers to entry to other market participants.
Its “aggressive expansion programme”, in-house technology designed to lower cost and moderate liquidity risk further bolster the firm, Fitch said.
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By: James Young
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