Fitch affirms Mabe

Fitch Ratings said it has taken the following rating actions for Controladora Mabe, SA de CV: issuer default rating affirmed at BBB-; local currency issuer default rating affirmed at BBB-; and $200 million of senior notes due 2015 affirmed at BBB-.

The ratings have been removed from rating watch negative, the agency said.

The outlook is negative.

According to Fitch, the ratings for Mabe are supported by its strong business position as Mexico's leading manufacturer and exporter of white-line home appliances, the long-term relationship with General Electric, evidenced by its 48.4% equity stake in Mabe and its joint venture for the supply of gas and electric ranges, refrigerators and dryers, among other products, for the U.S. market.

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