Moody’s Lowers Fertinal

Moody’s Lowers Fertinal

Mexico Corporate & Sovereign Strategy

Moody’s has lowered the credit rating of Grupo Fertinal to Caa1 from B2, based on lower profitability and limited liquidity. “Gross profit margins have been under pressure in 2012 and 2013 due to operational issues as well as higher ammonia and sulfur raw material feedstock costs that have not been fully compensated for by higher product selling prices,” the agency says. The Mexican fertilizer maker relies on cash flow to fund operations, though Moody’s expects that its existing cash balances, a

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