Moody's downgrades Abengoa Mexico

Moody's de Mexico said it downgraded Abengoa Mexico, SA de CV’s issuer rating to Caa2/Caa2.mx from B3/B1.mx. Concurrently, Moody's affirmed the NP short term rating and confirmed the MX-4 national scale rating of its up to Ps. 3 billion short-term certificados bursatiles program.

The outlook is negative.

S&P said the downgrade on Abengoa Mexico’s ratings mirrors the downgrade to Caa2 from B3 of the ratings of Abengoa SA, Abengoa Mexico’s parent company, on Nov. 26, and follows the announcement on Nov. 26 that Abengoa Mexico missed coupon payments on its outstanding commercial paper.

The cure period for coupon payments is five days, after which all outstanding amount under its local commercial paper program (around Ps. 2 billion) could be accelerated.

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