Research Update: Mexico City Airport Trust 'BBB' Debt Rating Affirmed, Removed From Under Criteria Observation; Outlook Stable

On Dec. 14, 2022, S&P Global Ratings published its revised criteria for rating Project Finance Transactions, "General Project Finance Rating Methodology" and "Sector-Specific Project Finance Rating Methodology," and placed its rating on Mexico City Airport Trust's (Mexcat or the project) debt under criteria observation (UCO) on Jan. 31, 2023. We have completed our UCO review and concluded, in our view, that the revised criteria don't affect the project's creditworthiness or any ratings score component. As a result, on Feb. 9, 2023, S&P Global Ratings affirmed its 'BBB' debt rating on the project. At the same time, we removed the ratings from UCO. The stable outlook on the debt rating reflects our expectations of strong passenger volumes at Aeropuerto de la

...- On Dec. 14, 2022, S&P Global Ratings published its revised criteria for rating Project Finance Transactions, "General Project Finance Rating Methodology" and "Sector-Specific Project Finance Rating Methodology," and placed its rating on Mexico City Airport Trust's (Mexcat or the project) debt under criteria observation (UCO) on Jan. 31, 2023. - We have completed our UCO review and concluded, in our view, that the revised criteria don't affect the project's creditworthiness or any ratings score component. - As a result, on Feb. 9, 2023, S&P Global Ratings affirmed its '###' debt rating on the project. At the same time, we removed the ratings from UCO. - The stable outlook on the debt rating reflects our expectations of strong passenger volumes at Aeropuerto de la Ciudad de Mexico (AICM) given the importance of the airport for Mexico City's metropolitan area, enabling the project to post debt service coverage ratios (DSCRs) of above 2.0x in the next 12-24 months. In addition, the outlook...

Research Update