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S&P downgrades Mexico's Unión de Crédito alpura to 'mxBB'/'mxB'

S&P Global Ratings on Oct. 10 downgraded Unión de Crédito alpura SA de CV's long- and shot-term issuer credit ratings to "mxBB" and "mxB," from "mxBBB+" and "mxA-2," respectively.

The rating agency said Unión de Crédito alpura's financial profile has weakened, citing greater risk in the credit portfolio. The entity's risk-adjusted capital is also expected to grow 7%, as higher provisions will weigh on internal capital generation.

S&P also placed the ratings on CreditWatch negative. The placement will be resolved in the next 90 days as S&P evaluates whether funding lines will be affected, or if higher provisions affect asset quality.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.