FINDEP notes rating withdrawn after early redemption
Financiera Independencia's outstanding senior unsecured notes no longer carry a Fitch long-term rating after the company redeemed the debt ahead of maturity. The withdrawal applies to FINDEP's 12% step-up notes due March 1, 2028, following a full voluntary cash redemption completed on Oct. 29, 2026.
Highlights
- Fitch Ratings withdrew the 'BB' rating on Financiera Independencia's senior unsecured notes after the company fully redeemed the issue in cash.
- The redeemed notes had an original value of USD83.32 million and a remaining aggregate principal of USD35 million, repaid on Oct. 29, 2026.
- The rating withdrawal reflects early repayment prior to the March 1, 2028 maturity, removing Fitch's rating coverage for this specific instrument.
Redemption triggers rating withdrawal
As reported by Fitch Ratings, the agency has withdrawn the 'BB' long-term rating on Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R.'s senior unsecured notes after the issuer carried out a full early redemption in cash.The notes had an original amount of USD83.32 million and an aggregate principal amount of USD35 million. Fitch says the withdrawal follows the voluntary repayment completed on Oct. 29, 2026, removing the basis for maintaining the rating on the instrument.
Fitch also says its key rating drivers no longer apply because the rating has been withdrawn.
Implications for FINDEP and debt investors
The action reflects a capital markets event rather than a change in Fitch's forward view on the company, as the rated notes have already been repaid before their scheduled March 1, 2028 maturity.For investors, the withdrawal means the specific debt instrument is no longer subject to Fitch's ongoing rating coverage. In Mexico's non-bank financial sector, such actions typically follow the retirement of an issue from the market through repayment or redemption.
Our earlier coverage of Fitch’s rating on Hainan Rubber’s proposed subordinated perpetual sustainable securities explained why the notes were rated below the issuer level, given their junior ranking in the capital structure and the option to defer coupons. We also highlighted Fitch’s view on the group’s leverage and liquidity profile, and how state-linked support underpins funding access despite elevated debt metrics.
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