S&P cuts Credivalores

S&P said it cut Credivalores - Crediservicios SAS’ issuer and issue ratings to CCC+ from B and placed the ratings on CreditWatch with negative implications.

“Credivalores' funding and liquidity profile deteriorated amid rising refinancing risk. Given worsening funding conditions for NBFIs in the region, in which the international debt markets are currently partly closed, the company is struggling to seek alternative funding sources,” S&P said in a press release.

The CreditWatch reflects the possibility of another downgrade within the next 90 days, if refinancing pressures tighten jeopardizing the payment of Credivalores' upcoming debt maturity, the agency said.

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