Moody’s could drop Abengoa Mexico

Moody's de Mexico said it placed Abengoa Mexico SA de CV's B2/Ba1.mx issuer rating and NP/MX-3 short-term national scale rating of its up to Ps. 3 billion short-term certificados bursatiles (local notes) program on review for downgrade.

The downgrade reflects Moody's review of Abengoa SA's B2 ratings for possible downgrade.

Given the close financial and operating relationship between Abengoa and Abengoa Mexico, the ratings of the latter are directly linked to its parent company's corporate family rating. As a result, when assessing the credit risk of Abengoa Mexico, the agency considered the conditions that relates the default probability of Abengoa Mexico in comparison with that of its parent company.

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