S&P lifts Maxcom outlook to positive

Standard & Poor's said it revised its outlook to positive from stable on Maxcom Telecomunicaciones SAB de CV.

The outlook change reflects the agency's expectation that upon the completion of Maxcom's proposed equity offering, the issuer will lower its net debt-to-EBITDA ratio to below 3.0 times sometime in the next couple of years.

The B ratings on Maxcom reflect the company's debt-refinancing history, constant changes in its previous top management and its limited financial flexibility in an industry that is highly sensitive to the scale of operations and has significant investment requirements, S&P said. Another credit risk factor is that the agency expects stockholders to continue selling their shares in Maxcom, potentially pressuring the company's debt and cash flow levels to enhance its growth-related metrics.

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