Moody's downgrades Axtel

Moody's Investors Service said it downgraded Axtel's existing senior unsecured global notes to Ca from Caa2 following the company's announcement that it offers to exchange these notes for a combination of new notes and cash, which translates to about 45% loss vis-a-vis par value.

Simultaneously, Moody's placed Axtel's Caa2 corporate family rating on review with an uncertain direction. The exchange is a condition precedent for Axtel to complete the sale of 890 towers to a subsidiary of American Tower Corp. for an aggregate amount of $250 million.

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