Fitch gives Credito Real notes BB+

Fitch Ratings said it assigned Credito Real, SAB de CV Sofom, ER's upcoming four-year senior unsecured notes for up to CHF 200 million an expected long-term rating of BB+(EXP).

Net proceeds will be used to refinance current debt and to fund organic growth.

Fitch said there will not be increased exposure to market risk as a result of this transaction, as the company will hedge both FX rate risk and interest rate risk with cross-currency swaps for both the principal and interest payments.

The notes are senior unsecured and rank equally with all of the company's current and future outstanding unsecured debt, the agency explained.

The rating assigned to these notes is the same as Credito Real's long-term issuer default ratings of BB+.

© 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.