Axtel tap offers point pick-up, defying downgrade

Telecoms
By Oliver West
11 Sep 2014

After two debt exchanges classed as distressed, resulting in two defaults in 2013, Mexican telco Axtel looks to have convinced bondholders of its turnaround.

In June, the borrower received consent from bondholders to issue up to $150m more senior secured bonds to finance telecom and IT projects.

Moody’s, which rates the company Caa3 but does not rate its senior secured bonds, at the time qualified the troubled company’s move as credit negative ...

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