Grupo Famsa Credit And Debt Ratings Cut To `D` On Bankruptcy Protection Filing In Mexico And U.S.
(World News Science)

Research Update: Grupo Famsa Credit And Debt Ratings Cut To `D` On Bankruptcy Protection Filing In Mexico And U.S. August 7, 2020 Rating Action Overview Mexico-basedretailer Grupo Famsa, S.A.B. de C.V. (GFamsa) filed for bankruptcy in Mexico and the U.S. to protect its assets in both jurisdictions. This follows GFamsa`s missed principal and interest payments on its senior unsecured notes due June 1, 2020, liquidation of its banking unit on July 2, 2020, and subsequent missed debt service payments on several of its local notes. On Aug. 7, 2020, S&P Global Ratings lowered its issuer credit rating on GFamsa to `D` from `SD`. At the same time, we lowered our issue-level rating on the...