...- Since June 2020, Mexico City Airport Trust (Mexcat or the project) has experienced a gradual recovery in traffic passenger volume, specifically in 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, because we now expect a minimum debt service coverage ratio (DSCR) of about 1.0x in 2020 and 1.5x in 2021, compared with our previous expectation of below 1x and 1.4x, respectively. - Therefore, on Nov. 6, 2020, S&P Global Ratings affirmed its '###' rating on Mexcat's senior secured bonds and removed it from CreditWatch with negative implications. - The outlook on the debt rating is now negative and reflects a one-in-three chance of a downgrade in the next 6-12 months. This is because the project, and the airport industry more broadly, will remain exposed to uncertainty as a result of a longer-than-expected recovery from the pandemic...
