Fitch revises Axo view to stable

Fitch Ratings said it changed the outlook to stable from negative and affirmed Grupo AXO, SAPI de CV's long-term foreign and local currency issuer default ratings at BB, national scale long-term rating at A(mex).

“The stable outlook reflects Axo's consistent financial results and credit metrics in 2021, and Fitch's expectation that this trend will continue in the following 18 to 24 months. Fitch projects the company's revenues and EBITDA will be above its pre-pandemic levels by 2022, and its total adjusted debt to EBITDAR (pre IFRS 16) will strengthen below 4.5x over the rating horizon,” the agency said in a press release.

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