Moody's cuts Javer debt

Moody's Investors Service said it downgraded Servicios Corporativos Javer, SAPI de CV's senior unsecured debt rating to B2 from B1.

The outlook was revised to stable from negative.

Moody's said this action follows the announcement by Javer and Empresas ICA, SAB de CV's that the agreement to purchase Empresas ICA's low-income sector homebuilding business had been terminated.

This was a strategic transaction that would have improved the company's credit profile, particularly with respect to geographic diversity outside of Nuevo Leon, the agency said.

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