Fitch cuts TV Azteca

Fitch Ratings said it downgraded TV Azteca SAB de CV’s long-term local and foreign issuer default ratings to C from B. Fitch also downgraded its $400 million of senior notes due 2024 to C/RR4 from B/RR4.

The downgrade follows TV Azteca's announcement it will skip the scheduled coupon payment of $16.5 million on its senior unsecured notes that was due Tuesday, Fitch said.

The company also announced it is contemplating a more extensive restructuring of its dollar-denominated debt, which in conjunction with the hiring of external advisors, indicates TV Azteca is unlikely to make this coupon payment before the 30-day grace period expires, the agency said.

Fitch said the IDR will be downgraded to RD if the interest payment goes uncured.

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