Soriana Rebuffs Moody’s Downgrade

Mexico’s Soriana responded to a lowering of its rating to Ba1 from Baa2 by Moody’s by stating plans to make an MXP800m payment on short-term debt due Thursday. It also says that it successfully placed CP last week below the TIIE rate (8.66% Tuesday), and does not have FX-linked derivative positions. Moody’s cut Soriana amid fears about an aggressive liquidity profile caused by a shift towards CP issuance in recent months.