Moody’s Mulls CIE Downgrade

Moody’s has placed the Ba3 ratings of Mexico’s CIE on review for possible downgrade. The review, says Moody’s, is a result of CIE’s weakening liquidity position due to a drop in revenues and sizable near-term debt maturities. Affected is the company’s corporate family rating as well as that of the company’s $14m senior unsecured notes due 2015, MXN500m in certificados bursatiles due December 2009, MXP650m in certificados bursatiles due April 2010 and MXN1.4bn in certificados bursatiles due October 2010.