Moody's downgrades Zapotlan

Moody's de Mexico said it downgraded the issuer rating of the Municipality of Zapotlan el Grande to B2 global scale, local currency from B1.

At the same time, Moody's affirmed the issuer rating of Baa3.mx Mexico national scale.

The outlook remains negative.

Moody's said the action follows the Dec. 27 downgrade of the ratings of the State of Jalisco to B1/Baa3.mx.

The issuer rating of Zapotlan el Grande reflects the likelihood of support coming from the State of Jalisco to avoid an imminent default by the municipality, should this situation ever occur, the agency said.

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