...- During the first half of 2021, Mexico City Airport Trust (Mexcat, the trust, or the project) has experienced a gradual recovery in traffic passenger volume, particularly on domestic flights, which we attribute mostly to the lifting of the mobility restrictions. - We project this trend to continue in the upcoming months, which should alleviate pressure on the trust's liquidity position and improve the minimum debt service coverage ratio (DSCR) significantly above our previous forecasts. We now expect a DSCR of about 1.6x in September 2021, compared with our previous expectations of about 1.0x. We expect the ratio to remain above 1.6x afterwards. - As a result, on Sept. 7, 2021, S&P Global Ratings affirmed its '###' rating on Mexcat's senior secured bonds. - The outlook on the debt remains negative, reflecting a one-in-three chance of a downgrade in the next 6-12 months if we downgrade Mexico. The negative outlook on Mexico indicates the risk of a downgrade in the next 12 months due to...
