Salomon Smith Barney said it downgraded on Monday Mexican glass maker Vitro VTO.N Vitroa.MX to "neutral" from "outperform" because of the sudden departure of Chief Financial Officer Luis Nicolau.
"Considering how important it is for a high-leveraged company like Vitro to maintain its focus on debt repayment, the sudden departure of Luis Nicolau, its CFO, sends a troubling signal," analyst Pablo Burbridge said in a research note.
"The lack of proper explanation for his resignation increases the chances it resulted from conflicts regarding the future direction of the group," Burbridge said.
"As a result the significant cash flow reinvestment risk of the company has in our opinion increased. We are thus downgrading the stock from an outperform to a neutral," he added.