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Moody's raises Axtel
Moody's Investors Service said it upgraded Axtel SA de CV's corporate family rating to B1 from B2 and the senior unsecured rating to B1 from B2 to reflect Axtel's improved credit metrics as a result of solid sales and EBITDA growth.
The company's $250 million 11% senior unsecured notes due 2013 were affected.
The outlook is stable.
Moody's said the ratings upgrade is supported by its strong and consistent increase in sales over the past two years as well as 2004 growth in EBITDA, which Moody's expects will be, by fiscal year-end 2005, equivalent to over 4 times cash interest expenses. Growth in EBITDA has also strengthened the company's financial position, as total debt dropped from 2.9 times EBITDA in 2003 to 1.6 times at fiscal year-end 2004.
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