Maxcom Telecomunicaciones S.A.B. de C.V. #CCC+# Issue-Level Rating Affirmed, Taken Off UCO On Updated Recovery Criteria

Stocks and Financial Services Press Releases Wednesday January 18, 2017 08:54
MEXICO CITY--18 Jan--S&P Global Ratings

MEXICO CITY (S&P Global Ratings) Jan. 17, 2017--S&P Global Ratings said today that it has reviewed its recovery and issue-level rating on Maxcom Telecomunicaciones S.A.B. de C.V. We labeled the issue-level rating as "under criteria observation" (UCO) on Jan. 10, 2017. With our criteria review complete, we're removing the UCO designation from this rating. We're also affirming the 'CCC+' issue-level rating and are revising our recovery rating to '4' from '3' on the company's senior $180 million secured notes due 2020, indicating our expectation of average recovery (30%-50%, upper half of the range) for lenders in the event of default, stemming from the revision of the EBITDA multiple used in our analysis, capex and the introduction of operational adjustment.

This rating action stems solely from the application of our revised recovery criteria and doesn't reflect any change in our assessment of the corporate credit rating.

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