S&P Upgrades Grupo Kuo to BB

S&P has upgraded Mexico’s Grupo Kuo to BB from BB minus, citing an improvement in its financial performance. A stable outlook reflects expectations that Kuo will maintain its key financial ratios and continue to focus on more value-added and profitable businesses, the agency said. The company’s total debt-to-Ebitda ratio is close to 2.5x as a result of debt reduction and stable cash generation. The group controls companies involved in forestry, autoparts, plastics and canned foods.