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 Caa3.mx from Baa1.mx (global scale local currency senior unsecured debt rating to provisional Caa3 from provisional B1); national scale issuer rating to Caa3.mx from Baa1.mx (global scale local currency rating to Caa3 from B1); and national scale short-term rating to MX-4 from MX-2.

The outlook was revised to negative.

Moody's said the actions reflect the company's default on its debt amortizations payment due May 8, mounting nonperforming assets, low earnings potential in the short term, deteriorating financial standing and minimal growth prospects.

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