Moody's ups Desarrolladora Homex

Moody's de Mexico said it has upgraded to A3.mx from Baa1.mx and to Ba3 from B1 Desarrolladora Homex SA de CV's national scale issuer rating and global scale local currency issuer rating, respectively.

Moody's also affirmed Homex's commercial paper program ratings of MX-2 on the national scale and Not Prime on the global local currency scale.

The outlook is stable.

According to Moody's, this rating action reflects Homex's success in growing its assets (albeit aggressively) while improving the quality of cash flow of its operations, continuing to reduce debt and improve its fixed charge coverage.

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