Fitch raises Axtel

Fitch Ratings said it upgraded all of Axtel, SAB de CV's ratings, including the long-term foreign-currency issuer default rating to BB from BB-, the local-currency IDR to BB from BB-, the national long-term rating to A(mex) from A-(mex) and the dollar-denominated senior unsecured notes due 2024 to BB from BB-. The agency also revised the outlook to stable from positive.

“The upgrades reflect the company's stable operational performance in the enterprise and government telecommunications segment in Mexico, as well as the company's steady deleveraging via asset sales. Axtel has cut its gross debt from Ps. 20 billion to Ps. 14 billion since 2017,” Fitch said in a press release.

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