Moody's cuts Manzanillo

Moody's de Mexico said it downgraded Manzanillo's issuer ratings to A2.mx from A1.mx on the Mexico national scale and to Ba2 from Ba1 on the global scale, local currency.

At the same time, the agency changed the outlook to negative from stable.

Moody's said the downgrade reflects the deterioration of gross operating and consolidated financial performance, which have led to an increase in Manzanillo's debt metrics.

The outlook change reflects Moody's expectation that the municipality's poor financial performance will prevail in the near to medium-term leading to further increases in debt and/or the tightening of liquidity.

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