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Moody's could lift Axtel
Moody's Investors Service said it placed Axtel, SAB de CV's Ba3 corporate family rating under review for upgrade as a result of better-than-expected operating and financial results after the acquisition of Avantel as well as the issuer's favorable business prospects.
The issuer has $162.5 million of 11% senior unsecured global notes due 2013 and $275 million of 7 5/8% senior unsecured global notes due 2017.
During the ratings review period, Moody's said it would focus its analysis on Axtel's ability to turn free cash flow positive as well on the sustainability of the company's increased cash flows. Specifically, Moody's said it would evaluate Axtel's income quality and stability in the context a more competitive operating environment.
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