Moody’s rates AlphaCredit notes B1

Moody’s Investors Service said it assigned a B1 long-term foreign-currency debt rating to Alpha Holding SA de CV’s (AlphaCredit) proposed senior unsecured 144A/Reg S fixed-rate five-year $350 million notes. Moody’s also affirmed the company’s B1 ratings and changed the outlook to positive from negative.

Sunday, AlphaCredit reported it will receive a $125 million capital injection through an investor group led by SoftBank Group Corp.’s Latin America Fund.

The expected capital injection, which is pending regulatory and third-party approvals, will bring the company’s capitalization ratio, which Moody’s measures as tangible common equity relative to tangible managed assets to about 10%, from a negative 3.6% as of September 2019, the agency said.

Moody’s also withdrew the outlooks on AlphaCredit’s issuer and senior unsecured ratings for its own business reasons.

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