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MEXICO CITY, Aug 1 (Reuters) - The decision by Mexico's Alfa to spin off the rest of its auto parts unit Nemak could have a negative impact on the Monterrey-based conglomerate's creditworthiness, S&P Global Ratings said late on Friday.
"The spin-off would eliminate diversification benefit to Alfa's portfolio, and potentially affect its credit risk profile," S&P said in a statement.
As a result, the rating agency said it was putting Alfa's BBB issuer and BBB- issuance credit ratings on CreditWatch with negative implications.
Alfa's businesses extend from food packaging to car parts, petrochemicals and energy, among others.
S&P said it aimed to resolve that status in the next 90 days once there was greater clarity about the new corporate structure, strategic objectives and impact of the Nemak spin-off on the conglomerate's credit risk profile.
Alfa's shares surged on Friday after it unveiled the plan to spin off its 75% stake in Nemak. (Writing by Dave Graham)