Fitch changes Aldesa to negative

Fitch Ratings said it revised Grupo Aldesa, SA's outlook to negative from stable and affirmed its long-term issuer default rating at B.

At the same time, the agency affirmed wholly owned subsidiary Aldesa Financial Services SA's senior secured rating at B/RR4.

Fitch said the negative outlook reflects Aldesa's recent weak financial results, which over the past 24 months have been below expectations, leading to a material increase in Fitch-adjusted funds from operations (FFO) net leverage. Consequently, the agency believes that there is a risk that expected improvements in revenue and profitability could not restore a financial profile that is commensurate with a B rating.

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