Moody's Raises Axtel

Moody's Raises Axtel

Mexico Bonds Corporate & Sovereign Strategy

Moody's has upgraded Axtel's rating to Caa1 from Caa2, it says, following a $226m reduction in debt due to last month's debt exchange. The move also considers $88m in additional debt reduction from proceeds from the sale and leaseback of 883 towers to American Tower. The future of the Mexican telecom's rating picture rests on the outcome of litigations on interconnection and termination rates both with Mexican mobile and fixed line telecoms. "If final decisions are adverse to Axtel, these could

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