Moody's views Fibra Uno negatively

Moody's Investors Service said it revised Banco Actinver, SA Fideicomiso Fibra Uno 1401’s (FUNO) outlook to negative from stable. Concurrently, the agency affirmed Fibra Uno's Baa2 senior unsecured rating.

“Despite a strong rebound in its operating performance over the past year, the negative rating outlook reflects that FUNO will continue to operate with its key leverage and coverage metrics outside its rating parameters through 2023, at a minimum, limiting its financial flexibility to absorb potential stresses amidst rising recessionary pressures and a weakening local economy,” Moody’s said in a press release.

The weaker outlook also considers refinancing risks amid tighter credit conditions and higher funding costs, particularly as Fibra has a substantial amount of near-term debt maturities, the agency noted.

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