Fitch slashes Total Play

Fitch Ratings said it downgraded Total Play Telecomunicaciones SAPI de CV's long-term foreign- and local-currency issuer default ratings to B- from B+. Fitch dropped Total Play's senior unsecured debt due 2025 and 2028 to B-/RR4 from B+/RR4.

“The multiple-notch downgrade reflects Total Play's elevated credit risk due to the company's inaction to materially address its refinancing needs since being placed on RWN (July 18, 2023). Fitch believes the company now has limited access to capital to address its 2025 bond maturities, and it has been slow to adjust capital spending to prioritize debt repayment by strengthening liquidity, despite having a strong fundamental business and capacity to accumulate cash.

These factors coupled with the shareholders' track record in dealing with creditors, evidenced by the default of TV Azteca, SAB de CV (TV Azteca), increases the speculative nature of the credit,” Fitch said in a statement.

The ratings remain on rating watch negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.