-- Mexico-based telecommunications company Axtel's financial performance
continued to weaken during second-quarter 2012 and we believe profitability
will remain under pressure.
-- We are lowering our ratings on Axtel to 'CCC+' from 'B-', and the
recovery rating of '3' on the notes remains unchanged.
-- The negative outlook reflects the pressures on the company's liquidity
as a result of the weakening EBITDA generation due to strong competition.
Rating Action
On Au
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