Moody's rates CFE debt Baa1

Moody's de Mexico said it assigned Baa1 global and Aaa.mx Mexican national scale ratings to Comision Federal de Electricidad's two proposed senior unsecured certificados bursatiles fiduciarios and affirmed the company's existing senior unsecured ratings at Baa1 and Aaa.mx.

The outlook is stable.

The proposed certificados bursatiles would include the fifth drawdown and a second add-on to the second drawdown under CFE's five-year Ps. 24 billion certificados bursatiles program. The agency said that individually, the size of each of the two instruments could be up to Ps. 3 billion with the combined principal of the two not to exceed Ps. 3 billion.

The proposed issuance includes amortizing fixed-rate certificados bursatiles with a nine-year tenor and floating-rate notes with a ten-year tenor, Moody's said. CFE will use the proceeds issuance for refinancing certain public works investments.

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