Moody’s rates Mega notes Ba2

Moody’s Investors Service said it assigned Ba2 long-term global scale and A2.mx long-term Mexican national scale debt ratings to two proposed senior debt notes to be issued by Operadora de Servicios Mega SA de CV. The notes are Gfmega 20X and Gfmega 20-2X)

Gfmega 20X will be issued at a variable-rate coupon to mature in 2024, while Gfmega 20-2X will have a fixed-rate coupon and mature in 2028. Both notes will be denominated in Mexican pesos. The issuances will be executed in parallel, and the combined amount will total up to Ps. 3 billion.

“The A2.mx and Ba2 debt ratings incorporate Mega’s good asset quality and high profitability, as well as its adequate capitalization levels and ample reserves for loan losses. These credit strengths are balanced by Mega’s concentrated and predominantly confidence-sensitive wholesale funding profile, as well as low liquidity, which are characteristics of non-bank finance companies,” Moody’s said in a press release.

The proceeds issuances will be used to fund eligible sustainable projects aligned with the International Capital Market Association’s 2018 sustainability bond guidelines.

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