S&P cuts Mexican financials

S&P said it downgraded three Mexican non-bank financial issuers based on a review of the sector and increasing financial risk. The agency lowered the anchor for Mexican NBFIs to bb- from bb.

The agency cut Financiera Independencia SAB de CV Sofom ENR’s issuer and issue ratings to B from B+ and changed the outlook to negative from stable.

S&P lowered Operadora de Servicios Mega, SA de CV Sofom, ER’s issuer and issue ratings to B+ from BB- and revised the outlook to negative from stable.

Finally, S&P trimmed Mexarrend SAPI de CV’s long-term issuer credit and issue-level ratings to B- from B and kept them on CreditWatch with negative implications.

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