Fitch removes Unifin from watch

Fitch Ratings said it removed Unifin Financiera, SAB de CV from rating watch negative.

“The RWN removal reflects Fitch’s expectations that immediate risks for a downgrade have been reduced after the recently approved capitalization of Ps. 2.52bn and null dividend payment for 2020 that will partially alleviate pressures in the company’s high tangible leverage ratios,” Fitch said in a press release.

Fitch revised the outlook to negative, citing the deteriorating of the operating environment from the pandemic.

The agency also affirmed the company’s ratings, including the BB rating on the senior unsecured debt and B+ on the perpetual bonds.

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