S&P trims Grupo Famsa

S&P said it downgraded Grupo Famsa SAB de CV’s global and national scale issuer credit ratings to CCC- from CCC+ and to mxCCC- from mxCCC+, respectively.

Grupo Famsa announced concluded its exchange offer, reaching a validly tendered amount of 57.8% of its outstanding $140 million senior unsecured notes due June 1, 2020.

“Given that the offer settlement doesn't address in full the company's refinancing needs, we consider that liquidity risks have increased because of still high debt maturities coming due in the next six months,” the agency said in a news release.

The agency also lowered the issue-level rating on the company's senior unsecured notes due 2020 to CCC- from CCC+.

The outlook remains negative.

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