S&P affirms Mexico Generadora de Energia

S&P said it affirmed its BBB issue-level rating on Mexico Generadora de Energía, S de RL's (MGE) $575 million fixed-interest senior secured bonds due Dec. 6, 2032.

The outlook remains positive.

“The rating reflects our expectation that the project's operating and financial performance will remain strong in the upcoming two years, based on the stability and predictability of its cash flows thanks to the energy self-supply agreement (ESSA) with Mexicana del Cobre, SA de CV and Buenavista del Cobre, SA de CV (both unrated), and ultimately guaranteed by Minera Mexico, SA de CV (Minera Mexico), a company that we deem as core subsidiary to Grupo Mexico SAB de CV's (BBB/positive/--) operations,” S&P said in a news release.

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