Fitch upgrades Opsimex

Fitch Ratings has upgraded Operadora de Sites Mexicanos, SA de CV's (Opsimex) long-term foreign- and local-currency issuer default ratings to BBB from BBB-. The outlook is positive.

Fitch also upgraded the long-term national rating to AAA(mex) from AA(mex). The outlook for the national scale rating has been revised to stable from positive. Consequently, Fitch raised the certificados bursatiles ratings to AAA(mex) from AA(mex

“The ratings upgrade reflects an improved financial profile and sound liquidity in conjunction with low business risk and strong counterparty (America Movil, SAB de CV; AMX; A-/positive outlook). The creation of the Fibra (Fsites 20) and the equity injection at that level has resulted in sufficient cash balances to fund growth in the medium term. Opsimex controls 72.5% of Fsites 20 and future tower growth will be done at the Fibra level. The ratings reflect that Opsimex received Ps. 2.8 billion in distributions from the Fibra and will use those funds to pay short-term debt,” Fitch said in a press release.

© 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.