Fitch upgrades Grupo Senda

Fitch Ratings said it upgraded the local- and foreign-currency issuer default ratings of Grupo Senda Autotransporte, SA de CV to B+ from B.

The outlook is stable.

The agency said the upgrade reflects a significant improvement in Grupo Senda's financial profile due to the generation of higher EBITDA and the reduction of debt. During the first half of 2007, the company generated $30 million of EBITDA, an improvement from $23 million in the first half of 2006, and Fitch attributed the increase to the continued integration of Transportes del Norte into Grupo Senda's business model, the optimization of the company's existing routes and the expansion into new routes, plus the decrease in operation costs per kilometer.

For the last 12 months ended June 30, the total debt-to-EBITDA ratio was 4x.

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