Jose Cuervo Raised to BBB+ by Fitch as IPO Strengthened Business
Alert: HALISTER1
Source: BFW (Bloomberg First Word)
Tickers
CUERVO* MM (Becle SAB de CV)
People
Rogelio Gonzalez (Fitch Ratings Ltd)
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UUID: 7947283
(Bloomberg) -- Becle upgraded one notch to BBB+ from BBB to reflect co.’s stronger financial profile and business after IPO, Fitch analysts led by Rogelio Gonzalez write in report.
- NOTE: BBB+ is 3 notches above speculative grade
- Upgrade also reflects merger of Proximo Spirits
- Co. expected to use “improved financial flexibility” for acquisitions to boost geographic, product diversification
- Ratings constrained by:
- Co.’s revenue concentration in tequila
- Strong competition among alcoholic beverage peers
- Risks related to changes in U.S. trade policies
- Agave price volatility
- NOTE, March 29: S&P affirms its BBB rating on Becle
- NOTE, Feb. 8: Jose Cuervo Said to Raise $790M in Biggest Mexico IPO Since 2013
Alert: HALISTER1
Source: BFW (Bloomberg First Word)
Tickers
CUERVO* MM (Becle SAB de CV)
People
Rogelio Gonzalez (Fitch Ratings Ltd)
To de-activate this alert, click here
To modify this alert, click here
UUID: 7947283