Research Update: Mexico City Airport Trust Senior Secured Debt Rating Affirmed At 'BBB+', Outlook Remains Stable

The Mexico City Airport Trust's cash flow generation has improved because of the passenger fee adjustment approved on Jan. 18, 2018. However, the credit quality of the sponsor of this transaction, Grupo Aeroportuario de la Ciudad de Mexico S.A. de C.V. (GACM) continues to limit the rating on the trust. We're affirming our 'BBB+' issue-level rating on the trust's existing notes. The stable outlook on the trust primarily reflects the outlook on the foreign currency sovereign rating on Mexico that impacts directly on GACM and indirectly on the trust. From an operational perspective, we expect the airport's passenger traffic to grow in the low single digits in the next two years. On Sept. 28, 2018, S&P Global Ratings affirmed its

...+ The Mexico City Airport Trust's cash flow generation has improved because of the passenger fee adjustment approved on Jan. 18, 2018. However, the credit quality of the sponsor of this transaction, Grupo Aeroportuario de la Ciudad de Mexico S.A. de C.V. (GACM) continues to limit the rating on the trust. + We're affirming our '###+' issue-level rating on the trust's existing notes. + The stable outlook on the trust primarily reflects the outlook on the foreign currency sovereign rating on Mexico that impacts directly on GACM and indirectly on the trust. From an operational perspective, we expect the airport's passenger traffic to grow in the low single digits in the next two years....

Research Update