Moody's Chops Su Casita Debt

Moody's Chops Su Casita Debt

Mexico Bonds Corporate & Sovereign Strategy

Moody'as has downgraded the ratings of Mexico mortgage lender Hipotecaria Su Casita's senior unsecured debt and global scale local currency to Ca from Caa2. The ratings are on review for possible downgrade. The action follows the company's announcement that it had presented a restructuring plan for all its debt to its debt-holders. Holders of MXP6.75bn in long-term notes denominated in pesos and dollars would receive MXP1.5bn in new 5-year debt guaranteed by non-operating assets, paying annual i

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