Moody's cuts Comercial Mexicana to Caa3

Moody's Investors Service said it downgraded Controladora Comercial Mexicana, SAB de CV's senior unsecured global rating to Caa3 from Baa2 and its Mexican national scale ratings to Caa3.mx from Aa2.mx. This concludes the review begun Oct. 8.

The outlook is negative.

Moody's said the downgrade reflects the increased uncertainty around Comerci's ability to meet near term commercial paper maturities outstanding under its certificados bursatiles program.

The Caa3 rating reflects an expectation for an above average recovery prospect for the bondholders, the agency said.

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