OREANDA-NEWS. Fitch Rates Credito Real's Proposed Senior Unsecured Notes 'BB+(exp)' Monterrey Fitch Ratings has assigned Credito Real S. A.B. de C. V. Sofom, E. R.'s, (Credito Real) proposed issue of seven-year senior unsecured notes for up to USD650 million an expected rating of 'BB+(exp)'.

The notes will be issued at a floating rate with semi-annual interest payments. The principal will be paid at maturity. The net proceeds from the offering will be used to refinance current debt. The company will hedge both FX rate risk and interest rate risk with cross-currency swaps and caps for both the principal and interest payments.

The assignment of the final rating is contingent upon the receipt of the final terms and documentation to confirm the preliminary information received.

KEY RATING DRIVERS

The notes are senior unsecured and rank equally with all of the company's current and future outstanding unsecured debt. The ratings assigned to these notes are the same as Credito Real's Long-Term Issuer Default Ratings of 'BB+'.

RATING SENSITIVITIES

The rating of this issue will remain aligned to the company's Long-Term IDRs and, therefore, it would mirror any potential change on the latter.