S&P drops Unifin Financiera to D

S&P said it dropped its ratings for Unifin Financiera SAB de CV and its senior unsecured debt to D from B+ and its hybrid perpetual notes to D from CCC+.

“The default follows Unifin's announcement that it won't pay its financial obligations as they come due,” S&P said in a press release.

The issuer said it doesn’t plan to make any payments until it reaches a general and orderly restructuring agreement with its creditors.

The agency noted the debt restructuring indicates Unifin’s board and management are focused on the company’s continuity and stabilization.

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