Moody’s cuts Urbi on slow progress

Moody’s cuts Urbi on slow progress

Corporate & Sovereign Strategy

Moody’s downgraded Urbi Desarrollos Urbanos a notch to C and withdrew its rating on Monday, pointing to recurring delays in the homebuilder’s restructuring process. A year ago, the agency downgraded Urbi to Ca, and put it on review for further downgrade, when the homebuilder missed an interest payment on its 2014 local bonds. “Since then, Urbi has not been able to conclude its restructuring process, likely resulting in further deterioration of operating and credit profile,” Moody’s said on Monda

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