This report does not constitute a rating action. MEXICO CITY (S&P Global Ratings) Nov. 9, 2023--Mexico City Airport Trust (Mexcat or the project; BBB/Stable) announced on November 6 a cash tender offer on its existing four tranches. Given that the repurchase of the notes is contemplated within the transaction structure and legal documentation, and the offer will be at par, including accrued interest and additional amounts in respect to withholding taxes, we don't believe there would be loss in value for bondholders. As established in its documentation, Mexcat has the ability to use the principal accumulation account to repurchase the notes through tender offers. As of this report's date, this account totaled about $993 million, and we expect the project
