Moody's downgrades Homex

Moody's Investors Service said it downgraded Desarrolladora Homex, SAB de CV's global scale foreign currency senior unsecured debt rating to Caa2 from B2 and the national scale issuer rating to Caa2.mx from Ba1.mx (global scale local currency rating to Caa2 from B2).

The ratings remain under review for downgrade.

Moody's said the action reflects Homex's disclosure in its Annual Report filed May 22 that some of the company's derivatives contracts were terminated early and need to be paid currently.

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