Moody’s shifts review direction on Mega

Moody’s Investors Service said it changed the direction of its review on Operadora de Servicios Mega SA de CV Sofom ER to downgrade from direction uncertain.

The ratings under review for downgrade include its B3 corporate family rating, and its Caa1 long-term local- and foreign-currency issuer ratings, as well as its Caa1 foreign-currency senior unsecured debt ratings.

Moody’s noted that Mega faces increased difficulty in managing its liquidity ahead of the refinancing of its $350 million senior unsecured notes due in February 2025.

“While Mega's management continues its endeavors and efforts to find new financing options to carry out its funding strategy, limited progress has been announced so far. Any further delays in securing the liquidity will have negative effects on Mega's financial performance in 2024, making it more difficult for the company to restore business viability,” Moody’s said in a press release.

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