Fitch drops Durango

Fitch Ratings said it downgraded the following credit ratings of Corporacion Durango SA de CV: foreign currency issuer default rating to B- from B, local currency issuer default rating to B- from B and notes due in 2017 to B/RR3 from B+/RR3.

All of the above ratings have been placed on rating watch negative.

The downgrades reflect the deterioration of the company's business and financial profile during the latest 12 months ended March 31, the agency said, adding that the rating watch negative indicates that the rating could be downgraded further in the near term if the company's cash flow does not recover.

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