S&P ups Metrofinanciera

Standard & Poor's said it raised its global and Mexican national-scale counterparty credit ratings on Metrofinanciera SAPI de CV SOFOM ENR, to CCC from D and to mxCCC/mxC from mxD/mxD, respectively.

The outlooks are stable.

The agency said it withdrew the national-scale ratings on Metrofinanciera's senior unsecured debt and commercial paper. This was a consequence of the company's debt restructuring, which resulted in these instruments being replaced with new bonds that the agency said it doesn't rate.

The ratings reflect Metrofinanciera's still weak business and financial profiles, reflecting high nonperforming assets, a large land bank investment and negative adjusted total equity according to its own measurement, S&P said.

These factors are somewhat offset by a low debt burden and refinancing risk for the next few years, the agency said.

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