Press ReleasesView printer-friendly version << Back
Nemak receives investment grade rating from Fitch Ratings
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.