Fitch downgrades Unifin

Fitch Ratings said it downgraded Unifin Financiera, SAB de CV's long-term foreign- and local-currency issuer default ratings to RD from C. The agency also sliced the national scale long-term ratings to RD(mex) from C(mex).

Additionally, Fitch affirmed the ratings of the company's senior notes and hybrid securities at C.

“The downgrades to RD for international and national scale ratings follow Unifin's uncured payment default on some credit facilities. Per Fitch's non-bank financial institutions rating criteria, the RD rating indicates that Unifin has not entered into bankruptcy filings, receivership, liquidation or a formal winding-up procedure. Some of Unifin's bank credit facilities have a shorter grace or cure period than the 30 days typical of local and global bonds,” the agency said in a press release.

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