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Moody’s raises Axtel to Ba3
Moody's Investors Service said it upgraded Axtel, SAB de CV's corporate family rating to Ba3 from B3.
The outlook is stable.
This action concludes the review for upgrade initiated on Nov. 30, 2015 and reflects Axtel's enhanced credit profile pro forma for the merger with Alestra, S de RL de CV (unrated), subsidiary of Alfa SAB de CV (Baa3, stable).
On Feb. 15, Axtel announced completion of the planned merger with Onexa, SA de CV, holding company of Alestra. Under the new structure, Alfa holds about 51% of the combined entity and Alestra is a wholly owned subsidiary of Axtel. Axtel will continue to act as an operating and publicly traded company while being fully consolidated by Alfa.
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