11:25 p.m.
Wednesday, 22 November 2017

Moody's has downgraded Urbi's ratings

Mexicali, Baja California.- Urbi, Desarrollos Urbanos, announces that Moody's Investors Service ("Moody's") has downgraded Urbi's ratings for its Certificados Bursatiles (Local Bonds) due 2014 and unsecured senior debt on a national scale to 'Ca.mx', from 'Caa2.mx', as well as its corporate family rating and unsecured foreign currency senior debt on a global scale, to 'Ca' from 'Caa2' each with a negative outlook.

Urbi also announces that Fitch Ratings ("Fitch") has downgraded Urbi's corporate family rating from 'C' to 'RD' on a global and national scale, and it also has downgraded its rating on the Certificados Bursátiles due 2014 from 'C(mex)' to 'D(mex)'.

Additionally, Fitch reaffirmed its 'C' rating on Urbi's dollar denominated bonds.

In this respect, Selene Avalos, Urbi's CFO, said: "These adjustments are due to the current restructuring process that the company is going through and the decisions we are making in this framework". She added, "We are working with our advisors to complete a financial analysis of the Company and to generate a comprehensive proposal for all our creditors; the equitable treatment for all our creditors is a priority".

In its statement, Moody's said it will closely monitor the strategic direction and capital structure that the Company may adopt, as well as the recovery of its bondholders in general, in the event that a restructuring plan is realized. Meanwhile, Fitch indicated that the ratings would be reviewed once the Company announces and executes the next steps in its debt restructuring process.

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