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Article: Fitch Downgrades Credit Ratings of Corporacion Durango S.A.
- Article from:
- Business Wire
- Article date:
- April 29, 2008
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CHICAGO -- Fitch Ratings has downgraded the following credit ratings of Corporacion Durango S.A. de C.V. (Durango):
--Foreign Currency Issuer Default Rating (IDR) to 'B-' from 'B';
--Local Currency IDR to 'B-' from 'B';
--Notes due in 2017 to 'B/RR3' from 'B+/RR3'.
All of the above ratings have been placed on Rating Watch Negative.
The downgrades reflect the deterioration of the company's business and financial profile during the latest 12 months (LTM) ended March 31, 2008. The Rating Watch Negative indicates that the rating could be downgraded further in the near term if the company's cash flow does not recover. Durango ...