Fitch applies B+ to Unifin notes

Fitch Ratings said it assigned Unifin Financiera, SAB de CV Sofom, ENR's upcoming subordinated perpetual notes for up to $250 million an expected long-term rating of B+(EXP).

The notes are two notches below Unifin's long-term issuer default rating according to Fitch's methodology “Non-Financial Corporates Hybrids Treatment and Notching Criteria.”

The agency said the two notches represent incremental risk relative to the entity's issuer default rating, reflecting the increased loss severity due to its subordination and heightened risk of non-performance relative to other obligations, namely existing unsecured debt.

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