Moody's rates CFE notes Baa1

Moody's Investors Service said it assigned Baa1 global and Aaa.mx Mexican national scale ratings to Comision Federal de Electricidad's proposed senior certificados bursatiles fiduciarios.

The proposed notes would be the first add-on to the fifth drawdown under CFE's five-year Ps. 24 billion certificados bursatiles program.

The proposed issuance will consists of floating-rate notes with about a 10-year remaining tenor not to exceed Ps. 3.8 billion.

The outlook is stable.

Proceeds will be used for refinancing public works investments.

The Baa1 and Aaa.mx ratings reflect a high degree of implied government support in the case of financial distress and a pronounced default dependence between CFE and the Mexican government, the agency noted.

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