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Article: Fitch Places Credit Rtgs of DESC, S.A. de C.V. on Rating Watch Positive.
- Article from:
- Business Wire
- Article date:
- February 20, 2004
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Business Editors
NEW YORK--(BUSINESS WIRE)--Feb. 20, 2004
Fitch Ratings has placed the 'B+' senior secured and the 'B' unsecured foreign and local currency ratings of DESC, S.A. de C.V. (DESC) on Rating Watch Positive. Fitch has also placed DESC's 'BBB-' (mex) national scale rating on Rating Watch Positive. These rating actions follow the recent announcement by the company of plans to increase capital by approximately US$248 million, the proceeds of which will be used to reduce debt to approximately $800 million from $1 billion. On a pro forma basis, this would lower the company's total debt-to-EBITDA ratio to 4 times (x) from 5.3x.
Fitch will ...