The affirmation reflects an unchanged moderate business risk profile, constrained by improving but still weak credit metrics after large expansionary capex cycle.

The Positive Outlook reflects the start of deleveraging following a heavy investment phase and the improving margins after an expansionary strategy in an inflationary environment.

The affirmation reflects resilient preliminary operating results in 2022 that balanced increased working capital financing needs. Leverage remains high due to the ongoing debt-funded investment plan that the company is executing to boost output.

The rating action reflects strong operating cash flow and increased leverage in line with the rating case due to a debt-funded investment plan that the company started implementing to boost output.

The rating action reflects higher leverage due to the largely debt-funded investment plan that the company will implement between 2021-2023.