...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; Mexico City International Airport) to serve the trust's rated debt, of about $3.7 billion as of December 2024. Unlike a typical project finance transaction where all the asset's operating and maintenance costs have priority over senior debt servicing costs, Mexcat pays its debt prior to any of the airport's operating costs. The latter are funded through the remnants after servicing debt and with commercial revenue. As a result, we rate the trust according to our "Principles Of Credit Ratings," published Feb. 16, 2011, on RatingsDirect. The owner of the project's operator is Grupo Aeroportuario de la Ciudad de MTxico (GACM; not rated), which is wholly owned by the Mexican government and an irreplaceable counterparty. Therefore, GACM's credit quality caps the project's stand-alone credit profile...
