Urbi downgraded as senior bonds face losses
Mexican homebuilder Urbi Desarrollos Urbanos (Urbi) has suffered a second wave of downgrades after missing a payment on its domestic debt. Urbi failed to make a Ps3.9m ($324,000) interest payment on its 2014 local bonds on April, and could not find the funds before the end of the grace period on May 6.
Moodys downgraded Urbis senior unsecured debt from Caa2 to Ca and left the rating on review for downgrade, affecting Urbis $150m 2016s, $300m 2020s and $500m 2022s.
Fitch cut Urbis issuer default rating from C to RD (restricted default), while affirming the C rating on the borrowers senior debt.
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