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Prospect News home > News index > List of issuers C > Headlines for Corporación GEO SAB de CV > News item |
Fitch lowers GEO
Fitch Ratings said it downgraded Maquinaria Especializada MXO Trust Agreement No. F/00762's $160 million senior secured notes to C from CC.
The underlying issuance is a securitization of the payment rights related to the leasing of existing and future essential construction machinery pertaining to Corporacion GEO SAB de CV.
The repayment of the notes is supported by quarterly servicer payments paid by GEO during a 10-year period under the terms of the service agreement for the operation of the equipment, Fitch said. Quarterly payments under the agreement are made at the beginning of each quarterly lease period, the agency said.
The downgrade reflects the termination of the agreement after GEO's failure to make quarterly payments, Fitch said.
The rating addresses the timely payment of interest and principal according to the original schedule and does not include any potential acceleration amounts, the agency said.
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