Credito Real was downgraded to B+ from BB- on tight liquidity by S&P. S&P says that Credito Real’s results in 2021 were below its expectations, and along with the region’s adverse economic market conditions its finances can weaken. Besides, they add that Credito Real’s strategies to strengthen liquidity have not materialized and therefore it raises refinancing risk thereby tightening its liquidity in 2022. The Mexican lender was also placed on CreditWatch with negative implications by the rating agency. Also, the issue-level rating on its senior unsecured notes were downgraded to B+ from BB- and that of its subordinated perpetual notes to CCC+ from B-. Credito Real was downgraded in November by Fitch to BB- from BB.
Credito Real’s dollar bonds are lower with its 8% 2028s down 1.4 points to 62.95 cents on the dollar.
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