Moody“s Investors Service has withdrawn all ratings of Vitro, S.A.B. de C.V. The withdrawal has been triggered by the company“s default on its major debt instruments and its reorganization involving…
Moody“s Investors Service has withdrawn all ratings of Vitro, S.A.B. de C.V. The withdrawal has been triggered by the company“s default on its major debt instruments and its reorganization involving negotiations with derivatives counterparties and debtholders. The following ratings were withdrawn: Ca corporate family rating; Ca rating of USD 700 million 9.125% senior unsecured notes due 2017; Ca rating of USD 300 million 8.625% senior unsecured notes due 2012; Ca rating of USD 225 million 11.75% senior unsecured notes due 2013. The last rating action on Vitro was on 26 January 2009, when Moody“s downgraded the company“s ratings to Ca from Caa1, concluding the review for downgrade initiated on 30 October 2008. The principal methodology used in rating Vitro is Moody“s Global Packaging Manufacturers Rating Methodology. Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V., is Mexico“s leading glass manufacturer with revenues of USD2.6 billion in 2008. Vitro operates through two divisions, glass containers and flat glass, which cater to a wide range of end markets, including the construction and automotive sectors for flat glass and the soft drink, beer, wine and liquor, food and cosmetics industries for glass containers.