Fitch Downgrades Sanluis

Fitch Downgrades Sanluis

Corporate & Sovereign Strategy

Fitch says it has downgraded the ratings of Mexican brake and suspension maker Sanluis to RD from C. The ratings agency says the downgrade reflects the uncured payment default of subsidiary Sanluis Co-Inter (SISA). “Also factored into the ratings is an expectation that SISA will not pay the 7% mandatorily convertible debentures, initially due in June 2011 and recently accelerated," Fitch says. As of June 30, Sanluis had approximately $386m of total consolidated debt and $16m of cash and marketab

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