SPGI

S&P Global Inc.

313.86
USD
2.79%
313.86
USD
2.79%
305.08 484.21
52 weeks
52 weeks

Mkt Cap 73.59B

Shares Out 241.00M

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S&P to lower ratings start point for Mexican non-bank financial institutions

MEXICO CITY, Aug 16 (Reuters) - S&P Global Ratings will lower its ratings starting point for Mexican non-bank financial institutions (NBFI) to BB-minus from BB, citing financing risks, the ratings agency said on Tuesday. The agency said non-bank financial institutions were already facing challenging funding conditions, due to their heavy debt burden in the years to come and investor confidence in this sector eroding. The situation for these institutions became even more difficult after the announcement last week that Mexican leasing firm Unifin would miss principal and interest payments, S&P said. S&P said its ratings action "reflects our view that the increased funding and economic risks for NBFIs are widening the gap between them and banks operating in Mexico." On Monday, Unifin said Chairman Rodrigo Lebois would lead the company's financial restructuring starting this week. (Reporting by Kylie Madry; Editing by Leslie Adler and Sam Holmes) ((Kylie.Madry@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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