S&P lifts Monterrey, Proyectos and Fideicomiso

Standard & Poor's said it raised Proyectos de Energía SA de CV, Monterrey Power SA de CV and Fideicomiso Petacalco 's foreign-currency senior secured debt ratings to BBB+ from BBB after the upgrade of Comision Federal De Electricidad to BBB+ from BBB.

The foreign-currency rating on Proyectos de Energia's $100 million 9¾% senior secured notes, Monterrey's $235.5 million bonds due 2009 and Fideicomiso Petacalco's $308.9 million bonds due December 2009 is based on the foreign-currency rating on Comision Federal (BBB+/stable), the Mexican state-owned electricity company, according to the agency.

Proyectos' rating also considers a legal scheme that isolates the company from parent Siemens AG (AA-/negative/A-1+), S&P said.

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