S&P ups Constructora Internacional bonds, loan to BBB

Standard & Poor's said it raised its foreign currency rating on Constructora Internacional de Infraestructura SA de CV's bonds and bank loan to BBB from BBB- after the upgrade of the foreign currency rating on the United Mexican States to BBB from BBB-. The outlook is stable.

The debt finances the construction of the El Cajon hydropower project in the state of Nayarit, Mexico, which S&P said is the most important power sector project for Mexico's current federal administration.

S&P said Constructora Internacional benefits greatly from the ownership, close link and direct and indirect controls the government (foreign currency BBB/stable/A-3, local currency A/stable/A-1) has on the project.

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