Moody's cuts Maxcom to Caa1

Moody's Investors Service said it downgraded Maxcom, SAB de CV's corporate family and senior unsecured debt ratings to Caa1 from B3.

The outlook is negative.

The company's $200 million of 11% senior global notes due 2014 were downgraded to Caa1 from B3.

Moody's said the ratings downgrade was prompted by Maxcom's continued weak operating performance due to adverse economic conditions in its target markets as well as an intensifying competitive environment.

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