Vasconia receives a low grade
Grupo Vasconia , a producer of aluminum and steel products for the home and other sectors, has had its credit rating downgraded by Fitch Ratings after the company was declared bankrupt.
The New York-based rating agency lowered Vasconia's credit rating from 'RD' or restricted default to 'D(mex)' or default.
Fitch added that once Vasconia's debt restructuring is completed, it will revise its projections to reflect the new capital structure and credit profile.
Viva Aerobus , a low-cost airline in Mexico, has signed a codeshare partnership with Aerus, a regional airline based in Monterrey, with the goal of offering more destinations and better connections to passengers in the country.
The new connectivity will allow Viva passengers to connect to destinations served by Aerus, expanding its route network with new destinations for business travelers.
The codeshare alliance between the two airlines covers 130 routes to 37 domestic and international destinations.
Quálitas, Mexico's largest auto insurer, fell 7.29% in Thursday's session on the Mexican Stock Exchange, with no specific reason given for the decline in its shares.
Quálitas shares traded at 217.58 pesos per unit, marking its worst trading day on the Mexican Stock Exchange (BMV) since June 4, 2020, when it lost 7.55% amid the COVID-19 pandemic.
The fall in Quálitas shares occurred on a day when the local market benchmark index, the S&P/IPC BMV, lost 1.88% to 56,866.76 points, while the FTSE-BIVA fell 2.10% to 1,149.82 points.
The Mexican Economic Development conglomerate (FEMSA) is planning to transform most of its DK stores, the retail business it acquired in the United States in 2024, into its Oxxo brand.
The company said it converted 15 DK stores to Oxxo, after the first unit it transformed in Texas reported a significant double-digit increase in sales and traffic, as well as similar increases at the remaining converted units.
If any new units are opened, they would be limited to fewer than 10 this year, to test and see how they perform.
In August of last year, the Monterrey-based conglomerate announced an agreement with downstream energy company Delek US Holdings to acquire its retail operations, consisting of 249 DK-branded convenience stores located primarily in Texas, for $385 million, net of cash and debt, including the acquisition of inventory.
Eleconomista
