Fitch lowers Oceanografia

Fitch Ratings said it downgraded Oceanografia SA de CV's foreign-currency issuer default rating to B- from B, local-currency issuer default rating to B- from B and $335 million senior secured notes due 2015 to B/RR3 from B+/RR3.

Ratings were placed on Rating Watch negative.

The downgrade reflects poor cash flow generation in the third quarter of 2008, which exacerbates the company's weak liquidity position, according to the agency.

As of Sept. 30, Oceanografia had a debt-to-EBITDA ratio of 6.1 times, compared with 3.7x in 2007.

© 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.