S&P lowers Grupo Kaltex

S&P said it downgraded Grupo Kaltex, SA de CV and its issue ratings to CCC from B- and placed the ratings on CreditWatch with negative implications.

“Kaltex's liquidity will likely tighten over the next few months in light of the coronavirus pandemic, raising concerns over its capacity to meet short-term financial commitments, including its second coupon payment due October 2020 on its $320 million senior secured notes due 2022,” said S&P in a press release.

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