Moody's cuts Comision Estatal

Moody's de Mexico said it downgraded the Comision Estatal de Servicios Publicos de Tijuana's issuer ratings to A1.mx on the Mexico national scale and Ba1 on the global scale, local currency from Aa3.mx and Baa3, respectively.

The outlook was revised to negative from stable.

At the same time, Moody's downgraded Comision Estatal's debt ratings of the Ps. 280 enhanced loan from Banorte to A1.mx and Ba1 from Aa3.mx and Baa3, respectively.

"The downgrade of Comision Estatal's issuer rating reflects structural changes in its operating framework that have led to the recording of negative operating margins and greatly reduce the company's financial flexibility and capacity to limit further debt increases," Moody's analyst Maria de Carmen Martinez-Richa said in a news release.

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