Moody's lowers Naucalpan

Moody's de Mexico said it downgraded the issuer ratings of the Municipality of Naucalpan to Baa1.mx on the Mexican national scale and Ba3 on the global scale, local currency from A2.mx and Ba2 respectively.

The outlook remains negative.

At the same time, Moody's downgraded the debt ratings of a Ps.486 million enhanced loan, contracted with Banorte to Aa3.mx on the Mexican national scale and Ba1 on the global scale, local currency from Aa2.mx and Baa3 respectively.

Moody's said the downgrade reflects the continued deterioration of Naucalpan's gross operating balances, high cash financing requirements leading to growing dependence on short-term debt and strong deterioration in the municipality's liquidity.

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