Promotora y Administradora de Carreteras S.A. de C.V. - S&P Credit Research

Promotora y Administradora de Carreteras S.A. de C.V.

2702 words — Published Aug 13, 2009
Price $400.00  |  Buy this Report Now

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Abstract:

The 'BBB+' long-term and 'mxAAA' CaVal ratings on Promotora y Administradora de Carreteras S.A. de C.V.'s Mexican peso (MXN) 4.2 billion bonds due 2028 reflect the following strengths: strong debt service coverage ratios (DSCR) that are significantly higher than Standard&Poor's Ratings Services' base case, which is a minimum 1.76x and averages about 2.25x (the DSCR at the time of the sixth coupon payment was 2.4x); a zero-cash-flow structure, in which excess cash will be used to both prepay senior debt and create a reserve for expansion works; a strong financial structure, with a debt service reserve account of 12 months; the bankruptcy-remote status of bondholders from the concessionaire; the strong traffic volume on the Mexico-Toluca toll road; and

  
Brief Excerpt:

RESEARCH Ratings Definitions Promotora y Administradora de Carreteras S.A. de C.V. Publication date: 13-Aug-2009 Primary Credit Analyst: Fabiola Ortiz, Mexico City (52) 55-5081-4449; fabiola_ortiz@standardandpoors.com Secondary Credit...

  
Report Type:

Full Report

Issuer
GICS
Highways & Railtracks (20305020)
Sector
Global Issuers
Country
Region
Latin America
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MLA:
S&P Credit Research. "Promotora y Administradora de Carreteras S.A. de C.V." Aug 13, 2009. Alacra Store. Oct 20, 2014. <http://www.alacrastore.com/s-and-p-credit-research/Promotora-y-Administradora-de-Carreteras-S-A-de-C-V-739906>
  
APA:
S&P Credit Research. (). Promotora y Administradora de Carreteras S.A. de C.V. Aug 13, 2009. New York, NY: Alacra Store. Retrieved Oct 20, 2014 from <http://www.alacrastore.com/s-and-p-credit-research/Promotora-y-Administradora-de-Carreteras-S-A-de-C-V-739906>
  
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