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Axtel S.A.B. de C.V. Senior Unsecured Notes' 'BB-' Rating Affirmed Mar 10
Standard & Poors, March 2010
Abstract
MEXICO CITY (Standard & Poor's) March 12, 2010--Standard & Poor's Ratings services said today that it has affirmed its 'BB-' rating on Axtel S.A.B. de C.V.'s senior unsecured notes following the proposed addition of $190 million to its $300 million in 144A/Reg S long-term senior unsecured notes due in 2019. The notes have a recovery rating of '3', indicating our expectation of meaningful (50%-70%) recovery in the event of a payment default. The company plans to use proceeds from the proposed notes offering to refinance around $167 million debt obligations and fund working capital requirements. The reopening of the notes should give the company additional financial flexibility and will extend the average life of its debt. The ratings on Axtel...
Companies mentioned in this report are: Axtel, S. A. B. de C.V.,United Mexican States,Comision Federal De Electricidad (CFE),Telefonos de Mexico, S.A.B. de C.V.
Action: Affirmed
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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