Fitch cuts Metrofinanciera

Fitch Ratings said it has downgraded Metrofinanciera, SAPI de CV's foreign and local currency long- and short-term issuer default ratings to RD from C following the approval of the company's debt exchange proposal to its senior unsecured bondholders.

Fitch noted that it also downgraded Metrofinanciera's long- and short-term national-scale ratings to D(mex) from C(mex).

The agency said that the RD rating reflects the distressed debt exchange of the senior unsecured bonds that arose from a restructuring process completed on 2010.

Following the end of the two-year grace period on these bonds on Sept. 10, when the company was originally expected to make cash interest and principal payments, Metrofinanciera proposed an exchange of these bonds to prevent deterioration of the company's financial condition.

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