Fitch Cuts Petrotemex, Keeps Negative Outlook

Fitch has downgraded Petrotemex, the Mexican petrochemicals company, to BBB minus from BBB. The rating action affects Petrotemex’s $75m privately placed senior notes due 2012 to and the $115m guaranteed senior notes due 2014 issued by its subsidiary DAK Americas. The outlook was also revised to negative. The move reflects additional concern over Petrotemex’s ability to generate profits going forward, says Fitch.