Fitch trims Mexarrend

Fitch Ratings said it downgraded Mexarrend SAPI de CV’s long-term local- and foreign-currency issuer default ratings and global senior unsecured debt rating to B+ from BB-, long-term national ratings to BBB+(mex) from A-(mex), and local senior long-term unsecured notes to BBB+(mex) from A-(mex), and removed the ratings from rating watch negative.

Fitch also assigned a RR4 recovery rating to Mexarrend’s global unsecured bonds.

“The downgrade reflects the further pressures on the company’s tangible leverage as of 1Q20, which in Fitch opinion has a low probability of strengthening intrinsically in 2020 or from capital injections as no explicit confirmation has been made even under current highly stressed conditions,” Fitch said in a press release.

The outlook is negative.

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