Fitch removes Mexarrend from negative watch

Fitch Ratings said it affirmed Mexarrend, SAPI de CV's long-term local and foreign currency issuer default ratings at B, senior unsecured long-term debt rating at B/RR4, long-term national ratings at BBB-(mex) and the short-term national ratings, and the short-term portion of the senior unsecured notes program at F3(mex).

Fitch removed all ratings from rating watch negative.

The outlook is negative.

The agency said the affirmation and removal from rating watch negative reflect that the refinancing risk associated with the company's Oct. 11 international bond maturity has been sufficiently addressed by available credit facilities and balance sheet cash and the bond has been paid in full.

The affirmation is secondarily supported by stable asset quality and leverage, Fitch said.

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