Moody’s slashes AlphaCredit

Moody’s Investors Service said it downgraded Alpha Holding, SA de CV’s long-term global local- and foreign-currency issuer ratings, corporate family rating and long-term foreign-currency senior unsecured debt rating to Caa2 from B3. Alpha does business as AlphaCredit.

The agency also placed all the long-term ratings on review for further downgrade, changing the outlook to under review from negative.

T The downgrade of AlphaCredit and review for further downgrade incorporates its Tuesday announcement that after an internal review and discussions with outside auditors, it will restate prior years’ financial statements related to errors in its accounting of derivative positions, Moody’s said. Also, the company announced it will restate previously reported balances of allowances for loan losses, reserves for account receivables and the amortization of capital expenses.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.