Bonds of Total Play Telecomunicaciones SA are on track for their worst week in four months amid concerns about the Mexican internet and cable provider’s financing strategy.
After billionaire Ricardo Salinas’s company was hit with its second credit downgrade in a month, Total Play’s notes due in 2025 sank nearly 7 cents on the dollar — the worst weekly slide since April. Bonds maturing in 2028 fell close to 4 cents. The debt is one of the worst performers among Latin America corporate notes over the past week, according to a Bloomberg index.
After investing heavily in recent years to expand its network to compete with billionaire Carlos Slim’s America Movil SAB, Grupo Televisa SAB and Megacable Holdings SAB, Total Play has worried investors by not slowing its spending as promised, raising concerns about liquidity as debt payments approach.
Moody’s cut Total Play’s rating on Monday further into junk territory and put it on a 60-day review. Moody’s pointed to a sharp deterioration in liquidity and the need for a potentially costly refinancing to meet peso debt maturities. Fitch Ratings downgraded Total Play in July and put it on watch for a further cut.
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