Fitch Downgrades Axtel

Fitch Downgrades Axtel

Mexico Bonds Corporate & Sovereign Strategy

Fitch has downgraded Axtel to C from B minus, it says, classifying its recently launched tender offer as a distressed debt exchange. The agency cites a material reduction in terms of the 2017 and 2019 notes being targeted. “If successful, the exchange will result in a recovery of approximately 55%-65% of the principal depending on holders' election to tender by the early tender date. In addition holders of the notes that do not participate in the exchange will be subordinated to the new notes an

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