Moody's rates GAP issue A3

Moody's Investors Service said it assigned A3 global scale and Aaa.mx Mexican national scale ratings to Grupo Aeroportuario del Pacifico, SAB de CV's (GAP) proposed senior unsecured variable rate certificados bursatiles due 2024 (GAP 19).

The proposed certificados bursatiles will be the sixth draw down under the company's Ps.5 billion certificados bursatiles program with a five-year tenor.

GAP 19 certificados busrátiles issuance will be up to Ps.3 billion, Moody's said.

The ratings consider that the proposed notes will be direct obligations for GAP and assume the expected gradual increase in leverage over the next five years to up to Ps.15 billion, the maximum amount allowed under the program, the agency explained.

The ratings reflect the company's very strong financial performance, driven by solid passenger trends that are expected to continue, Moody's said.

Strong traffic growth also has supported very solid financial metrics, the agency said.

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