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S&P cuts Alpha, notes
S&P said it downgraded its ratings for Alpha Holding SA de CV and its $300 million of senior notes due 2022 to D from CC.
The agency also removed both ratings from CreditWatch negative. At the same time, it kept the CC issue-level rating on the $400 million senior notes on CreditWatch negative.
Alpha missed the $15 million interest payment on its 10% semi-annual senior notes of $300 million due December 2022. “Given that the company didn't make the payment after 30-calendar days since the start of the grace period, the latter triggered a default according to our criteria,” the agency said in a press release.
S&P said it plans to resolve the CreditWatch negative listing on the $400 million of senior notes within 30 days. Alpha must make a payment on Aug. 10, or announce its intention to exercise a grace period.
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