Fitch downgrades Famsa

Fitch Ratings said it downgraded Grupo Famsa SAB de CV’s long-term local and foreign issuer default ratings to RD from CC. Also, Fitch downgraded the long-term national scale rating to RD(mex) from CC(mex). Following the downgrade of Famsa’s IDRs to RD, Fitch cut the company’s senior notes due 2024 to C/RR4 from CC/RR4.

The downgrade follows Famsa’s missed payment of $59.1 million in principal due on its 2020 senior notes that was due Monday, Fitch said.

There is no cure period for repayment, but Famsa plans to restructure the notes.

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