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S&P cuts Grupo Famsa
S&P said it downgraded Grupo Famsa SAB de CV to SD from CCC-, but affirmed the CCC- rating on the group’s senior secured notes due 2024, with a recovery rating of 3, indicating a meaningful recovery prospect (50%-90%).
The downgrade to SD follows the missed interest and principal payments on Grupo Famsa’s $59.1 million outstanding of senior unsecured notes on Monday.
The company is seeking a restructuring of the 7¼% senior unsecured notes.
“We affirmed our CCC- issue-level rating on the company’s senior secured notes due 2024, as we expect the company to meet its semiannual coupon payment on June 15, 2020, for its 9¾% senior secured notes, and other upcoming debt obligations, including its local short-term debt certificates,” S&P said in a press release.
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