Moody's rates CFE debt Baa1

Moody's Investors Service said it assigned Baa1 global scale and Aaa.mx Mexican national scale ratings to Comisión Federal de Electricidad's proposed issue of up to Ps. 1.75 billion of Certificados Bursatiles due 2017 under its Certificados Bursatiles shelf program operated by HSBC.

The outlook remains stable.

The ratings reflect the agency's expectation that the company will maintain credit metrics appropriate for the Baa global scale rating category, including CFO-to-debt and debt-to-capitalization ratios in the mid-teens and twenties, respectively, by offsetting increased debt levels resulting from an expected heavy investment program with incremental earnings and cash flow.

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