Moody's downgrades Credito Inmobiliario

Moody's de Mexico said it downgraded the following ratings of Credito Inmobiliario, SA de CV: national scale senior unsecured debt rating to Baa1.mx from A3.mx (global scale rating to B1 from Ba3) and national scale issuer rating to Baa1.mx from A3.mx (global scale rating to B1 from Ba3).

Concurrently, Moody's said it affirmed Credito Inmobilirario's national scale short-term rating at MX-2 (global scale local currency rating at Not Prime).

Credito Inmobilarios' outlook is now developing.

These actions follow Moody's downgrade of Banco CAM's, Credito Inmobiliario's owner, stand-alone bank financial strength rating to E+, which maps to B3 on the long-term scale, according to the agency.

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