Fitch Affirms and Withdraws GEO's IDR at 'RD'

MONTERREY, Mexico--()--Fitch Ratings has affirmed Corporacion GEO, S.A.B. de C.V. (GEO)'s ratings and simultaneously withdrawn them as follows:

--Foreign Currency Issuer Default Rating (IDR) at 'Restricted Default (RD)';

--Local Currency IDR at 'RD';

--National Long-term rating at 'RD(Mex)';

--MXN400 million Certificados Bursatiles due 2014 at 'D(Mex)';

--National Long-term rating at 'D(cl)';

--Unsecured Notes (Linea de bonos No 726), USD16.5 million due in 2022 at 'D(cl)'.

In addition the following ratings have been affirmed and withdrawn:

--USD54 million senior notes due 2014 at 'C/RR4';

--USD250 million senior notes due 2020 at 'C/RR4';

--USD400 million senior notes due 2022 at 'C/RR4';

KEY RATING DRIVERS

Fitch has withdrawn the aforementioned ratings due to the ongoing financial debt restructuring of the company and the lack of information provided by the issuer. Accordingly, Fitch will no longer provide ratings or analytical coverage for GEO.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Corporate Rating Methodology' (Aug. 5, 2013);

--'2013 Outlook: Mexican Homebuilders' (Dec. 19, 2012);

--'Fitch Places Mexican Homebuilders on Rating Watch Negative' (Feb. 22, 2012);

Applicable Criteria and Related Research:

Corporate Rating Methodology - Effective from 8 August 2012 - 5 August 2013

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=684460

2013 Outlook: Mexican Homebuilders

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696675

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=812285

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Contacts

Fitch Ratings
Primary Analyst
Indalecio Riojas, +52 81 8399 9100
Associate Director
Fitch Mexico S.A. de C.V.
Edificio Connexity, Prol. Alfonso Reyes No. 2612, Piso 8
Col. Del Paseo Residencial
Monterrey, Mexico 64920
or
Secondary Analyst
Jose Vertiz, +1 212-908-0641
Director
or
Tertiary Analyst
Alejandra Fernandez, +562 499 3323
Director
or
Committee Chairperson
Alberto Moreno, +52 81 8399 9100
Senior Director
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Indalecio Riojas, +52 81 8399 9100
Associate Director
Fitch Mexico S.A. de C.V.
Edificio Connexity, Prol. Alfonso Reyes No. 2612, Piso 8
Col. Del Paseo Residencial
Monterrey, Mexico 64920
or
Secondary Analyst
Jose Vertiz, +1 212-908-0641
Director
or
Tertiary Analyst
Alejandra Fernandez, +562 499 3323
Director
or
Committee Chairperson
Alberto Moreno, +52 81 8399 9100
Senior Director
or
Media Relations:
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com