S&P downgrades Opsimex

S&P said it lowered its long-term global and national scale corporate credit and issue-level ratings on Operadora de Sites Mexicanos SA de CV (Opsimex) to BB+ from BBB-, and to mxAA- from mxAA. At the same time, S&P affirmed its mxA-1+ rating on the company's short-term program of MXN 3 billion.

The outlook on the corporate credit rating is stable.

S&P also assigned a recovery rating of 4 to Opsimex's all senior unsecured notes. The 4 recovery rating indicates an expectation of an average recovery (30%-50%; rounded estimate 45%) in the event of default.

“The downgrade reflects the company's slower debt reduction pace than we previously expected, which have weakened financial credit metrics below an investment-grade rating range,” S&P said in a news release.

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