Moody's stabilizes Grupo Aeroportuario view

Moody’s Investors Services said it changed the outlook to stable from negative and affirmed the Baa1/Aaa.mx global and Mexico national scale issuer and debt ratings of Grupo Aeroportuario del Centro Norte SAB de CV (OMA).

“The Baa1/Aaa.mx issuer and debt ratings affirmation and the outlook change to stable from negative reflect OMA's strong financial and liquidity performance despite the traffic drop amid the pandemic,” Moody’s said in a press release.

“OMA's cash position as of September was equivalent to Ps. 4.7 billion, providing ample cushion to debt maturities in the amount of Ps. 1.5 billion due until 2023. Moody's expects OMA's cash interest coverage averaging 10.7x for the 2021 to 2022 period, while the FFO to debt ratio will average 68.5%,” Moody’s said.

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