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Prospect News home > News index > List of issuers O > Headlines for Operadora de Servicios Mega, SA de CV, Sofom, ER > News item |
S&P cuts Operadora de Servicios Mega
S&P said it removed its one-notch comparable rating adjustment on Operadora de Servicios Mega SA de CV Sofom ER (GFMEGA)’s stand-alone credit profile, triggering a downgrade of the lender to B from B+ on the global scale and to mxBB+/mxB from mxBBB/mxA-2 on the national scale.
The outlook on both the global and national scale ratings is negative.
“Increasingly tight financing conditions are weighing on GFMEGA's funding costs, while interest income is declining despite its larger loan portfolio. Consequently, the company's net interest margins (NIMs) are shrinking, and profitability is weakening more than its peers,” S&P said in a news release.
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