...Fideicomiso 80460 (the Mexico City Airport Trust [Mexcat] or the trust) is a financing trust that receives all airport passenger tariffs (Tarifa de Uso de Aeropuertos [TUA]) collected by Aeropuerto Internacional de la Ciudad de MTxico (AICM; Mexico City International Airport). Originally, the plans were for the trust to benefit also from future TUA from Mexico City's new airport (NAICM), but its construction was stopped in late 2018. The TUA will continue to support the repayment of the trust's rated debt prior to any of the airport's operating costs. Although in Mexican pesos, the TUA captures fluctuation between that currency and the U.S. dollar, providing a natural hedge for the senior debt. Furthermore, the TUA is adjusted periodically in line with U.S. inflation. The project's sponsor is Grupo Aeroportuario de la Ciudad de MTxico (GACM; not rated), the holder of the concession that was granted for 50 years in 1998, with an option to extend for additional 50 years. Given these unique...
