Moody’s Takes Saw to Mexican Homebuilders

Moody’s Takes Saw to Mexican Homebuilders

Mexico Corporate & Sovereign Strategy

Trends in the Mexican homebuilding market have pushed ratings and outlooks down again for its large builders, with Moody’s downgrading Urbi’s ratings and revising Geo’s and Homex’s outlooks to negative. It has downgraded Urbi’s to B2 from Ba3. “Earnings and cash flow significantly deteriorated for Urbi, which led to very weak credit metrics,” Moody’s says. Geo’s outlook dropped due to housing subsidy reliance, with Homex’s outlook falling due to a decline in its credit metrics as part of the lar

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