Agencies Flag Vitro Default Risk

Agencies Flag Vitro Default Risk

Corporate & Sovereign Strategy

Moody's has downgraded Vitro to Caa1 from B2, and keeps it on review for possible further downgrade, highlighting elevated risk of default, while Fitch cut it to B minus (watch negative) from B. “The downgrade reflects Moody's belief that Vitro's liquidity and financial flexibility have further weakened in light of derivative exposure, low unrestricted cash reserves and increasing reliance on short-term debt amid uncertain credit market conditions and deteriorating economic fundamentals,” says M

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