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S&P affirms Grupo Senda
Standard & Poor's said it affirmed the B- corporate credit rating on Grupo Senda SA de CV and assigned a recovery rating of 3 to the issuer's senior secured notes due 2015.
The outlook is negative.
"The rating on Senda reflects the highly competitive Mexican bus transportation market, the company's high leverage, the industry's low organic growth and the company's rather small size," S&P analyst Carolina Duran said in a statement.
"These weaknesses are somewhat offset by Senda's strong position in northeastern and central Mexico and its fleet's young average age, which provides flexibility to defer investments and operational efficiencies."
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