Fitch trims FUNO, rates notes AAA

Fitch Ratings said it downgraded Fideicomiso Fibra Uno's (FUNO) long-term foreign- and local-currency issuer default ratings to BBB- from BBB. Fitch also lowered its senior notes to BBB- from BBB and affirmed certificado bursatil issuances at AAA(mex). The agency assigned AAA(mex) ratings to certificados bursatils (CBF) FUNO 23L and FUNO 23-2L with a combined amount of up to Ps. 10 billion. Fitch also affirmed FUNO's national scale long-term rating at AAA(mex).

“The downgrade reflects Fibra Uno's inability to deleverage in the past few years to a capital structure more aligned with the previous, BBB rating. Fitch expects FUNO's capital structure to remain pressured with a high net leverage at 7x in 2023 from around 7.5x in 2022 as the company continues to grow its portfolio in the industrial and retail segments despite a gradual improvement in its cash flow generation and some asset sales used to prepay debt,” the agency said in a statement.

The outlook is stable.

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