Fitch rates Javer notes B+

Fitch Ratings said it assigned a rating of B+/RR3 to Servicios Corporativos Javer, SAPI de CV's proposed issuances of up to $210 million of new notes and up to $30 million of new additional notes.

Javer has B foreign- and local-currency issuer default ratings and B+/RR3 $210 million of senior notes.

The outlook is stable.

The ratings continue to reflect Javer's solid regional market position in northeastern Mexico with a firm leadership presence in the state of Nuevo Leon, its sustainable business strategy oriented to the low-income housing segment, its significant land reserve and its relatively adequate liquidity position, the agency said.

The ratings are constrained by Javer's volatile operational performance, moderate leverage, limited geographic diversification and reduced capacity to generate positive cash flow from operations in the medium term, the agency added.

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