Moody's lowers Manzanillo

Moody's de Mexico said it downgraded Manzanillo's issuer ratings to A3.mx from A2.mx on the Mexico national scale and to Ba3 from Ba2 on the global scale, local currency.

The negative outlooks were maintained.

Moody's said the downgrade reflects Manzanillo's weak operating performance that led to the deterioration of its consolidated fiscal results and the reduction of its liquidity levels.

The negative outlook reflects Moody's expectation that the municipality will continue to face significant challenges to redress its poor operating performance and liquidity levels, the agency said.

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