Moody’s Chops Su Casita’s Rating

Moody’s has downgraded Mexican mortgage lender Hipotecaria Su Casita to C from Ca. The change comes after Su Casita missed payments of MXP300.0m on principal and MXP6.0m on the interest for its Casita 06 notes, as well as principal and interest on its Casita 01810 and Casita 01910 notes for MXP384.5m and MXP40.2m, respectively. Moody’s says Su Casita’s current liquidity position is weak, and the C ratings reflect the potential for above-average loss severity on Su Casita’s senior unsecured debt as the company continues to negations with all its creditors on a restructuring.