Moody's cuts Naucalpan

Moody's de Mexico said it downgraded the Municipality of Naucalpan's issuer ratings to A2.mx on the Mexican national scale and Ba2 on the global scale, local currency, from A1.mx and Ba1.

The outlook was revised to negative from stable.

At the same time, Moody's downgraded debt ratings of a Ps. 486 million loan, contracted with Banorte, to Aa2.mx and Baa3 from Aa1.mx and Baa2.

Moody's said that despite having a strong economic base supporting a high level of own-source revenues and relatively moderate debt levels, Naucalpan's gross operative balances have declined due to increasing operating expenditure pressures stemming from ongoing transfers to the water company, and a moderate growth of own-source revenues.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.