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S&P rates Arrendadora Unifin debt issue

Bnamericas
Standard & Poor's on Thursday assigned an mxBBB- rating to a 50mn peso (US$4.52mn) long-term debt placement of Mexican leasing company Arrendadora Unifin. S&P said it based its rating on the company's adequate asset quality levels, its ability to generate revenues from direct leasing, and the improvement in its balance sheet. The rating is limited by Unifin's small size which makes it vulnerable to changes in the economy and interest rates. S&P also said operating expenses, which reached 46% of 2Q03 revenues, are a drag on profitability. To see the full S&P report (available in Spanish only), paste the following link in your browser: http://www.bnamericas.com/rc_search_detail.xsql?id_documento=44329&Tx_idioma=E

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