The Multiple Purpose Financial Company (Sofom) Crédito Real (Creal) fell into default on payments of a Swiss bond on February 9, for which is looking for financing options.
Likewise, he mentioned that he is working on the execution of a strategy that allows him to strengthen the financial structure of the company.
As a consequence of the non-payment, the rating agencies S&P and Fitch placed Creal in Restricted Default status following failing to pay the principal of 170 million Swiss francs, for a bond from that country that matured on February 9.
In response to this, Sofom notified the market of the search for various financing alternatives and at the same time announced changes in its corporate governance.
Among the changes, they announced the departure of a large part of the controlling family and the entry of new independent directors, raising the quality of governance, influencing confidence in the market and aligning with international standards.
On the subject, an Intercam report pointed out that the financial company now has a more solid corporate governance, with four proprietary members and five independent members, aligning with international governance standards.
The analysis added that “according to its 3Q21 report, 30.4% of Crédito Real’s debt matures in 2022, which is equivalent to around $16.9 billion pesos between the aforementioned Swiss bond, added to various lines of credit, securitizations and subordinate notes. This puts particular pressure on this year because most of its maturities are in the short term.
Until now, the company has not been able to finalize a renegotiation or refinancing of its debt, due to the rating agencies it has been placed in Restricted Default.
“We will have to be attentive to the news in the following weeks to evaluate the situation of the company and the possible restructuring of its liabilities. Likewise, in the coming weeks, Crédito Real should publish its 4Q21 results”.
As a result of this situation, the price of its titles in the stock market has plummeted. The market value of the financial company shows a decrease of 70.6% in the last 12 months, only lower than that of 72.6% of Aeroméxico in the same period.
Crédito Real is focused on granting consumer or group loans.