Announcement of Periodic Review: Moody’s announces completion of a periodic review of ratings of Mexico City Airport Trust NAFIN F/80460Global Credit Research – 11 Feb 2022
New York, February 11, 2022 — Moody’s Investors Service (“Moody’s”) has completed a periodic review of the ratings of Mexico City Airport Trust NAFIN F/80460 and other ratings that are associated with the same analytical unit.
The review was conducted through a portfolio review discussion held on 9 February 2022 in which Moody’s reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee.
Since 1 January 2019, Moody’s practice has been to issue a press release following each periodic review to announce its completion.
This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.
Key rating considerations are summarized below.The credit quality of the senior secured notes issued by Mexico City Airport Trust NAFIN F/80460 (MEXCAT) reflects the solid cash flow generation capacity of the Mexico City International Airport (AICM), a key asset with solid fundamentals and strong historical passenger growth.
The creditworthiness is limited by the sharp decline in traffic and revenue experienced by MEXCAT since 2020, as a result of the significant drop in demand and travel restrictions because of the coronavirus pandemic with uncertainty around the timing and degree of traffic recovery.
Balancing the risk to the noteholders are the first priority pledge of the Tarifa de Uso de Aeropuerto (TUA), or passenger airport usage fees from AICM, the special-purpose vehicle to manage cash flow, and a six-month debt service reserve fund, among other structural protections.
This document summarizes Moody’s view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.
The principal methodologies used for this review were Privately Managed Airports and Related Issuers published in September 2017 and Government-Related Issuers Methodology published in February 2020. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.
This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.
This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.
Press release issued by Adrian Garza Vice President – Senior Analyst Project & Infrastructure Finance Moody’s de Mexico S.A. de C.V Ave. Paseo de las Palmas No. 405 – 502 Col. Lomas de Chapultepec Mexico, DF 11000 Mexico
The Mexico City Post