S&P cuts Maxcom

S&P said it lowered Maxcom Telecomunicaciones SAB de CV’s issuer and issue ratings to D from CCC-.

The downgrade follows Maxom’s announcement it would not make the $2.3 million interest payment due April 25, (effective April 26,) on its 8% senior secured notes due 2024, the agency said..

“The downgrade reflects our view that Maxcom won't make the interest payment within the 30-day grace period, equivalent to about $2.3 million. The company continues discussions with its shareholders regarding strategic alternatives, and we believe these would result in a comprehensive debt restructuring or a bankruptcy filing,” S&P said in a press release.

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