March 17, 2021
Fitch Ratings has upgraded Mexico's Axtel by one notch to BB after the telecommunications company used the money from asset sales to pay off debt.
"Axtel has cut its gross debt from MXN20 billion [$974 million] to MXN14 billion since 2017," Fitch said in a report on Monday, adding that the "ratings are tempered by Axtel's relatively small operating scale." Fitch also said it revised the outlook on Axtel's ratings to stable from positive.
Monterrey-based Axtel split the company into two units in
Rating agency boosts the Mexican telco by one notch to BB and says leverage will fall below 2.5 times EBITDA in 2022