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| Prospect News home > News index > List of issuers O > Headlines for Operadora de Servicios Mega, SA de CV, Sofom, ER > News item |
S&P rates GFMega notes B
S&P said it rated the planned senior unsecured notes due 2028 that Operadora de Servicios Mega SA de CV Sofom ER (GFMega) plans to issue B. The company intends to exchange its outstanding 8¼% senior unsecured notes due February 2025 for the new notes.
The agency also affirmed GFMega’s B issuer rating.
S&P said it believes investors will get adequate compensation for the new notes.
“The proposed exchange of GFMega's existing senior unsecured notes is still 16 months away from their maturity (February 2025). Therefore, the company would have more than a year to implement alternative strategies to refinance its debt if the proposed exchange isn't successful. On the other hand, if the transaction occurs, GFMega's refinancing risk would diminish, funding diversification would improve, and the debt maturity profile would be better distributed,” S&P said in a statement.
The outlook is negative.
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