Mega Announces S&P’s Credit Rating Affirmation

Guadalajara, Jalisco, Mexico, May 5, 2023. – Operadora de Servicios Mega, S.A. de C.V., SOFOM E.R. (“Mega” or the “Company”), a leading leasing and lending company in Mexico and the United States, announces that S&P Global Ratings affirmed its long-term ‘B’ global scale issuer credit rating and its ‘B’ issue-level rating for the Company’s senior unsecured notes, with the outlook remaining negative.

 

The rating agency cited the Company’s significant market share position in Mexico’s nonbank leasing sector, a manageable debt maturity profile for the next 12 months with stable funding sources, and its timely approach to refinancing its 2025 bond maturity. S&P’s outlook remaining negative reflects the challenging conditions within the sector and the economy in general in Mexico.

 

MEGA reiterates that it maintains continued access to capital markets for financing, which will allow it to continue its growth plans, providing specialized financial solutions to SMEs. Additionally, to mitigate the impact of funding in the industry, MEGA continues to reduce the refinancing risk of its Senior Notes maturing in 2025, as reflected in the recent partial bond tender offer and repurchases in the market, allowing it to improve its maturity profile and the cost and mix of its debt.