Minera Frisco, S.A.B. De C.V. -- Moody's downgrades Minera Frisco's rating to B2/Ba1.mx; outlook is negative

Mexico, December 08, 2015 -- Moody's de Mexico ("Moody's") downgraded Minera Frisco. S.A.B. C.V. (Minera Frisco)'s corporate family rating to B2 from B1 in the global scale and to Ba1.mx from Baa2.mx in the national scale. At the same time, Moody's downgraded the long term and short term ratings of Minera Frisco's dual unsecured debt program of Certificados Bursatiles (local notes) for a total combined amount of up to MXN 20 billion to (P)B3/B1.mx from (P)B1/Baa2.mx and to MX-4 from MX-2, respectively. The provisional rating on the program assumes the structural subordination but the program has not been undrawn as of today. The outlook is negative.

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