This report does not constitute a rating action. What's new: Aeropuerto Internacional de la Ciudad de México's (AICM; Mexico City International Airport) total traffic for the year as of May 2026 reached 18 million passengers, a slight increase of 2.1% against the first five months of 2025. Mexico City Airport Trust (Mexcat) relies on airport passenger tariff collections to repay its debt, which is correlated to traffic volumes at AICM. The change is explained by an increase of 0.7% in domestic and 4.5% for international passengers. With this, we maintain our previous forecasts of around 48 million passengers by the end of 2026, as well as our expectations of a minimum debt service coverage ratio (DSCR) for Mexcat above 3.0x
