Moody's cuts Almacenadora national scale outlook to negative

Moody's de Mexico said it changed the outlook to negative from stable on Almacenadora Accel, SA's Baa2.mx long-term Mexican national scale rating and affirmed the company's B1 global local currency long-term rating with a stable outlook.

The outlook change reflects Moody's concerns about increased downside pressure on the company's efficiency ratios, which further affects the company's structurally-low profitability.

The agency also noted that through the current set of initiatives aimed at further developing its logistics services, the company is entering into highly competitive markets and new operational challenges that could put additional pressure on business development and profitability.

The ratings are supported by the company's good position in its sector. The company's specialized infrastructure and the relatively well diversified customer base are also rating considerations, the agency said.

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