Fitch lowers Maestro Peru

Fitch Ratings said it downgraded Maestro Peru SA’s foreign-currency issuer default rating to B from B+, local-currency issuer default rating to B from B+ and senior unsecured notes to B with a recovery rating of RR4 from BB- with recovery rating of RR3.

The outlook remains negative.

The downgrades reflect the deterioration in Maestro’s credit metrics, Fitch said.

The company’s weak operational results and negative free cash-flow trend during the last 12-month period resulted in Maestro’s total adjusted debt-to-EBITDAR consistently at more than 5x, the agency said.

The negative outlook reflects credit concerns regarding the company’s capacity to reverse the negative trend in margins, leverage and liquidity during the next 12 months, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.