Moody's drops Metrofinanciera

Moody's de Mexico said it downgraded Metrofinanciera, SA de CV's short-term national-scale rating to MX-4 from MX-3 and lowered the national-scale issuer rating to Ba3.mx from Baa2.mx (B3 global-scale local currency issuer rating from B1).

Concurrently, Moody's said it also affirmed Metrofinanciera's not prime global local currency short-term rating while the ratings are under review for possible downgrade.

The downgrade reflects the company's continued high exposure to short-term maturities with more than Ps. 450 million in commercial paper due in 2008 and Ps. 1.735 billion due in 2009, the agency added.

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