April 23, 2013
Fitch has downgraded Urbi’s rating to C from CCC, it says, citing Urbi’s fa
Fitch has downgraded Urbi’s rating to C from CCC, it says, citing Urbi’s failure to pay interest due April 19 on its 2016 senior notes. The Mexican homebuilder’s notes have a 30-day grace period. “Failure to pay in full the due amount at the end of the grace period and/or the execution of a DDE [distressed debt exchange] will result in a downgrade to restricted default,” says Fitch. The move follows a downgrade to CCC from B from Fitch and a cut to CCC by S&P in March.