Fitch cuts Metrofinanciera

Fitch Ratings said it has downgraded Metrofinanciera SA de CV's long-term issuer default ratings to C from B+.

In addition, the agency said that the support rating is lowered to five from 4 and the support floor to NF from B+.

Fitch added that other actions on the company's include: foreign and local currency long-term issuer default rating to C from B+; foreign and local currency short-term issuer default rating to C from B; support rating downgraded to five from 4; support rating floor revised to NF from B+; short-term national-scale issuer rating, including local short-term unsecured debt issues, downgraded to C(mex) from F3(mex); and long-term national-scale issuer rating, including local long-term unsecured debt issues, downgraded to C(mex) from BBB(mex).

All of Metro's issuer default ratings and national-scale ratings are placed on rating-watch negative, while the support rating and support rating floors are removed from rating-watch evolving, Fitch said.

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