S&P lowers Metrofinanciera securities

Standard & Poor's said it lowered its rating on Metrofinanciera SA de CV Sofom E.N.R.'s $100 million perpetual, noncumulative subordinated step-up securities to C from CCC-.

At the same time, the agency said it affirmed its B long-term counterparty credit rating, its mxBBB-/mxA-3 national-scale rating, and its senior unsecured debt rating on Metrofinanciera.

The outlook remains negative.

According to S&P, the rating action follows Metrofinanciera missing its $2.8 million coupon payment as well as the potential deferral of interest on Metrofinanciera's hybrid security had been increasing given the company's limited liquidity position and pressured capitalization.

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