August 12, 2022 |
Mexican non-bank lender Unifin was downgraded by S&P Global Ratings, Fitch Ratings and PCR Verum after it announced this week that it will miss upcoming debt payments due to limited access to financing.
Fitch cut Unifin's ratings to C from BB-, saying that "a default process has begun." S&P, meanwhile, dropped Unifin to a D rating from B+ and PCR Verum downgraded the company to D from AA-.
Unifin has already warned the market that it will not make its next scheduled bond payment on Frida
S&P, Fitch and PCR Verum cut the Mexican non-bank lender's ratings after it warns of missing bond payments