S&P puts Unicomer on watch

S&P said it placed the ratings for Grupo Unicomer and its $350 million of 7 7/8% notes due 2024 on CreditWatch with negative implications.

“The CreditWatch listing reflects a potential downgrade of Unicomer in the next few months if the company's liquidity position deteriorates in its retail or consumer finance operations, in addition to potential breaches of covenants in the near term. This could occur if its operating and financial performance worsen beyond our current expectations,” S&P said in a press release.

S&P said it forecasts Unicomer suffering a double-digit contraction in revenue and EBITDA within the next 12 months.

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