...The Mexico City Airport Trust (Mexcat or Fideicomiso 80460) is a financing trust that receives, as an obligation from the indenture agreement, all airport passenger tariffs (TUA) collected by Aeropuerto Internacional de la Ciudad de MTxico (AICM; the Mexico City International Airport). 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 (MXN), 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 our "Principles Of Credit Ratings," published Feb. 16, 2011. In particular, we assess the trust's cash flow coverage according to the contractual cash waterfall at the trust level. In typical project finance transactions, we consider that all of the asset's operating costs incurred in its operations...
