Moody's lowers Metepec

Moody's de México said it downgraded the issuer rating of the Municipality of Metepec to A1.mx from Aa3.mx.

Meanwhile, Moody's Investors Service said it also downgraded the issuer rating of Metepec to Ba1 from Baa3 (global-scale, local currency).

The outlook is stable.

The agency said that the downgrade reflects the following factors: 1) the recording of gross operating balances below the median of investment-grade Mexican municipalities, 2) a significant decline in consolidated financial performance in 2009, 3) a decline in net working capital position and 4) anticipated increases in debt levels to finance planned capital projects.

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