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Home /  Investors Relations /  Press Releases /  Nemak receives investment grade rating from Fitch Ratings

Press Releases

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October 23, 2018 at 10:30 AM EDT

Nemak receives investment grade rating from Fitch Ratings

NMK_Press Release_Fitch_ENG.pdf 465.7 KB

Monterrey, Mexico. October 23, 2018. — Nemak, S.A.B. de C.V. ("Nemak") (BMV: NEMAK), a leading provider of innovative lightweighting solutions for the global automotive industry, today announced that Fitch Ratings has upgraded the company's Issuer Default Rating (IDR) on a global scale to 'BBB-' from 'BB+' and its long-term national scale rating to 'AA(mex)' from 'AA-(mex)'. Additionally, the rating agency has revised Nemak's Rating Outlook to Stable from Positive.

As of September 30th, Nemak had a Net Debt to EBITDA ratio of 1.8 times and a Net Interest Coverage ratio of 8.4 times. "This upgrade reflects Nemak's successful track record of prudent financial management as well as its solid credit profile and global business position. We are proud of our efforts to deliver disciplined and consistent growth, having kept a Net Debt to EBITDA ratio of less than 2.0 for 20 consecutive quarters. Moreover, achieving investment grade status will help us to gain access to more attractive financing conditions," said Armando Tamez, CEO of Nemak.

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