Fitch trims Grupo Kaltex, notes

Fitch Ratings said it downgraded Grupo Kaltex, SA de CV's long-term local and foreign currency issuer default ratings to CCC from B-.

The agency also downgraded the company's $320 million senior secured notes due 2022 to CCC/RR4 from B-/RR4.

Fitch said the downgrade reflects a view of the company's tight liquidity compared to debt service and short-term debt.

The planned asset sales for about $25 million to take place during the second quarter of 2018 haven’t been completed. However, Kaltex's shareholders loaned $17 million to cover working capital requirements in light of still weak operating results instead of improving the company's liquidity position or debt reduction, the agency said.

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