News Column

Fitch Affirms & Withdraws Ingenio Magdalena's Ratings

July 2, 2014



MONTERREY, Mexico--(BUSINESS WIRE)-- Fitch Ratings has affirmed and simultaneously withdrawn the following ratings of Ingenio Magdalena S.A. (Imsa):

--Foreign currency Issuer Default Rating (IDR) at 'BB-';

--Local currency IDR at 'BB-'.

The Rating Outlook is Stable.

The reason for the withdrawal is that Imsa's ratings are no longer considered by Fitch to be relevant to the agency's coverage. The company's intended debt issuance did not occur and it does not plan to access the capital markets in the midterm. In addition, Imsa has no debt issuance in the markets.

Additional information is available 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Corporate Rating Methodology' (May 28, 2014).

Applicable Criteria and Related Research:

Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749393

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=837695

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.



Fitch Ratings

Primary Analyst

Rogelio Gonzalez, +52-81-8399-9100

Director

Fitch Mexico S.A. de C.V.

Prol. Alfonso Reyes 2612

Monterrey, Mexico

or

Secondary Analyst

Vanessa Villalobos, +506 2296 9182

Associate Director

or

Committee Chairperson

Alberto Moreno, +52-81-8399-9100

Senior Director

or

Media Relations:

Elizabeth Fogerty, +1 212-908-0526

elizabeth.fogerty@fitchratings.com

Source: Fitch Ratings


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