S&P lowers Grupo Senda

S&P said it lowered its global and national scale corporate credit ratings on Grupo Senda Autotransporte SA de CV to SD from B- and mxBB+, respectively.

The agency also lowered the corporate short-term national scale rating to SD from mxB and the issue-level rating on the company's short-term unsecured note program to D from mxB.

S&P said the downgrade reflects the fact that Senda missed the principal payment related to its Ps. 70 million short-term unsecured notes due May 24, 2018.

“The missed payment constitutes a default under our criteria,” the agency said in a news release.

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