Moody's cuts Hipotecaria Su Casita

Moody's Investors Service said it downgraded Hipotecaria Su Casita, SA de CV's senior unsecured debt rating to Ca from Caa2, global scale local-currency issuer rating to Ca from Caa2, national scale rating to Ca.mx from Caa2.mx and long-term corporate family rating to Ca from Caa2. The ratings remain on review for possible further downgrade.

The downgrade follows news that Su Casita presented a restructuring plan for all its debt to its debtholders, Moody's said.

The agency said believes this transaction is a distressed exchange to avoid a bankruptcy or payment default.

The company's current liquidity position is weak, the agency added.

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