Moody's lowers Metrofinanciera

Moody's Investors Service said it downgraded Metrofinanciera, SA de CV's national scale issuer rating to C.mx from Caa2.mx and to the global scale local-currency issuer rating to C from Caa2. The agency affirmed Metrofinanciera's Not Prime global local-currency short-term rating and MX-4 national scale short-term rating.

The downgrade reflects ongoing operating difficulties coupled with the results of an external audit of on- and off-balance sheet activities of Metrofinanciera, according to the agency.

The downgrade also reflects Metrofinanciera's very weak asset liability management, the agency added.

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