Moody's cuts Soriana

Moody's Investors Service said it lowered Organizacion Soriana, SAB de CV's global and Mexican national-scale long-term senior unsecured ratings to Ba1 and A1.mx from Baa2 and Aa2.mx, respectively, while also lowering the company's Mexican short-term national-scale rating to MX-2 from MX-1.

The outlook is negative.

The downgrade reflects Soriana's aggressive liquidity profile caused by a shift towards commercial paper issuance in recent months without the contractually committed backup credit facilities Moody's said it generally expects at an investment-grade ratings level.

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