Fitch downgrades Unifin

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

Concurrently, the agency affirmed Unifin’s senior notes and hybrid securities at C.

“The downgrades reflect that a bankruptcy proceeding is ongoing, as signaled by the announcement made by the company on Nov. 8, 2022. According to the company's press release, the First District Court in Concurso Restructuring Proceeding Matters in Mexico City admitted the company's voluntary petition for a restructuring (concurso proceeding),” Fitch said in a press release.

The agency noted that Unifin is not paying its creditors, the grace periods under its debt securities have expired, and it is not originating loans or leases.

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