Fitch Raises Axtel Following Exchange

Fitch Raises Axtel Following Exchange

Mexico Corporate & Sovereign Strategy

Fitch has raised Axtel’s rating to B, it says, following the Mexican telecom’s debt exchange finalized this week. The rating was lifted from restricted default, where it was briefly placed after a previous C rating. The exchange “resulted in a less levered capital structure. Nevertheless, the company still continues to face a strong competitive environment,” the agency says. Axtel has $580m in debt following the exchange, which Fitch says reduces pressure on Axtel’s liquidity position. After the

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