Moody’s rates Grupo Aeroportuario notes Baa1

Moody’s Investors Service assigned senior unsecured ratings of Baa1 on the global scale and Aaa.mx on the Mexican national scale to Grupo Aeroportuario del Pacifico, SAB de CV's (GAP) planned offering of variable-rate certificados bursatiles due 2027 (GAP 22) and fixed-rate certificados bursatiles due 2032 (GAP 22-2).

The certificados bursatiles will be the sixth and seventh draw down, respectively, under GAP's Ps. 42.2 billion certificados bursatiles program with a five-year tenor. Together GAP 22 and GAP 22-2 issuances may not exceed Ps. 5 billion.

“The assigned Baa1 and Aaa.mx ratings are in line with GAP's issuer ratings considering that the proposed notes will be senior unsecured direct obligations for this company and rank pari-passu to its other debt obligations outstanding,” Moody’s said in a press release.

The proceeds will be used to finance the company’s master development plan and to refinance Ps. 1.5 billion of outstanding debt, specifically GAP 17 issuance whose maturity is next month.

The outlook is stable.

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