...The Mexico City Airport Trust (Mexcat or Fideicomiso 80460) is a financing trust that receives all airport passenger tariffs (TUA) collected by Aeropuerto Internacional de la Ciudad de MTxico (AICM). 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. Given these unique characteristics, we rate the trust according to "Principles Of Credit Ratings," Feb. 16, 2011. In particular, we assessed the trust's cash flow coverage according to the contractual cash waterfall at the trust level. In typical project finance transactions, we consider that an asset's operating costs incurred in its operations and maintenance would have priority over senior debt servicing costs. This is because continued operations at the...
