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Prospect News home > News index > List of issuers D > Headlines for Desarrolladora Homex SAB de CV > News item |
Fitch downgrades Homex, notes
Fitch Ratings said it downgraded the following ratings of Desarrolladora Homex, SAB de CV:
• Foreign currency issuer default rating to CCC from B;
• Local currency issuer default rating to CCC from B;
• $250 million in senior notes due 2015 to CCC/RR4 from B/RR4;
• $250 million in senior notes due 2019 to CCC/RR4 from B/RR4; and
• $400 million in senior notes due 2020 to CCC/RR4 from B/RR4.
The rating watch remains negative.
Fitch said the actions reflect Homex's poor operating results in the first quarter of 2013, with a 38% decrease in units sold compared to the first quarter of 2012 and 39.4% decrease in housing income.
As a consequence, EBITDA and funds from operations calculated by Fitch were Ps. 4,046,000,000 and Ps. 2,448,000,000 in the last 12 months ended March 31, respectively, compared to Ps. 4,825,000,000 and Ps. 3,285,000,000 at year-end 2012.
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