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S&P puts Mexarrend on watch
S&P said it placed Mexarrend SAPI de CV’s (formerly Docuformas) and its senior unsecured debt on CreditWatch with negative implications.
“The negative CreditWatch placement reflects the high impact on Mexarrend’s capital base from the recent one-off financial developments. These were a potentially significant loss for the prepayment of its $150 million notes issued in 2017, the unwinding of the hedge associated to these notes, and the negative-carry of its recent $300 million issuance,” said S&P in a press release. The agency rates the company and its senior unsecured debt BB-.
The agency said there’s one-in-two change the company’s risk-adjusted capital ratio could fall below 10% in 2020-2021.
S&P said it plans to resolve the CreditWatch within 90 days.
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