S&P: Corporacion GEO bonds BB-

Standard & Poor's said it assigned its BB- rating to the $400 million bond issuance due 2022 proposed by Corporacion GEO SAB de CV. The recovery rating is 4, indicating an expectation of average recovery for debtholders in the event of a payment default.

At the same time, the agency said it affirmed the BB- global scale and mxBBB+/mxA-2 national scale corporate credit ratings on the company.

The outlooks remain stable.

"The ratings reflect Geo's aggressive financial profile, with intense working capital requirements and high use of debt to finance its growth targets in a competitive market," said S&P credit analyst Fernanda Hernández in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.