November 21, 2022
Fitch Ratings said Friday that it downgraded Mexico's Unifin to D from RD, dropping the non-bank lender to its lowest level after bankruptcy proceedings began earlier this month.
"As of today, the company is not paying any of its creditors, its grace periods under its debt instruments have expired and is not originating loans or leases," Fitch said in a report.
Unifin announced on November 8 that a court in Mexico City had approved its request to declare bankruptcy. It also said it expected the
Rating agency says Mexican non-bank lender has stopped paying debts and is not granting new loans