Homex Cut, Urbi Late on Payment

Homex Cut, Urbi Late on Payment

Mexico Bonds Corporate & Sovereign Strategy

Fitch has dropped Homex’s ratings to CCC from B, citing poor first quarter 2013 numbers, highlighted by a 38% decline in units sold versus 1Q2012. The second quarter is likely to mean more leverage for the company, says Fitch, adding that government policy pushing vertical housing adds to cash flow is challenging, and that rising inventories haven’t helped, either. Liquidity should “continue to tighten as a result of the investments required to finish construction in progress, further affecting

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