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Moody's cuts Sare Holding
Moody's de Mexico said it downgraded the national scale senior unsecured debt rating of Sare Holding, SAB de CV to Caa1.mx from B3.mx (global scale, local currency to Caa1 from B3) and the national scale issuer rating to Caa1.mx from B3.mx (global scale, local currency to Caa1 from B3).
Moody's also placed the ratings under review for downgrade.
On Oct. 1, the company missed an interest payment on its SARE 08 and SARE 08-2 bonds.
Sare had a grace period of five business days, which expired on Oct. 8.
Moody's said the company did make the requirement payment on Oct. 5th. A default would have caused a payment acceleration of these bonds, placing a large burden on the company's liquidity position and viability.
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