Fitch lowers Urbi Desarrollos

Fitch Ratings said it downgraded the following ratings for Urbi Desarrollos Urbanos, SAB de CV:

• Foreign currency issuer default rating to RD from C;

• Local currency issuer default rating to RD from C;

• National long-term rating to RD(Mex) from C(Mex);

• National short-term rating to RD(Mex) from C(Mex); and

• Ps. 600 million in certificados bursatiles due in 2014 to D(mex) from C(mex).

Fitch said the downgrades of Urbi's issuer default ratings are a result of the company's failure to make a Ps. 3.9 million interest payment on its Ps. 600 million certificados bursatiles that was due on April 30 and was not cured during the grace period that expired on May 6.

The C/RR4 ratings of the company's notes due in 2015, 2020 and 2022 reflect an anticipated recovery of between 31% and 50% of principal and related interest, the agency said.

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