Fitch ends watch on Unifin

Fitch Ratings said it removed Unifin Financiera, SAB de CV’s ratings from rating watch negative and affirmed its long-term foreign- and local-currency issuer default ratings at BB- and B, respectively, and senior unsecured debt and hybrid securities at BB- and B, respectively. The agency also assigned a negative outlook.

“The rating affirmation and the resolution of the rating watch negative reflects reduced near-term refinancing risk following the maturity extension of the $200 million bond due in August 2022 to May 2024 and the addition of a new $500 million secured credit facility provided by Credit Suisse (CS),” Fitch said in a press release.

The outlook reflects execution risk related to Unifin’s additional funding strategies including strengthening its local funding structure due to weakened investor confidence and increased risk aversion for Mexican non-bank financial institutions, the agency said.

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