Moody's rates Grupo Aeroportuario notes Baa1

Moody’s Investors Service said it assigned debt ratings of Baa1 (global scale) and Aaa.mx (Mexico national scale) to Grupo Aeroportuario del Centro Norte, SAB de CV’s (OMA) proposed senior unsecured variable-rate certificados bursatiles due 2027 (OMA 22) and senior unsecured fixed-rate certificados bursatiles due 2029 (OMA 22-2) guaranteed by Monterrey, Culiacan and Chihuahua's airports.

The notes will be the third and fourth draw down, respectively, under OMA's Ps. 15 billion certificados bursatiles (local long-term revolving) program with a five-year tenor. Together OMA 22 and OMA 22-2 issuances may not top Ps. 4 billion.

“The assigned Baa1 and Aaa.mx ratings are in line with OMA's issuer ratings considering that the proposed notes will be senior unsecured direct obligations for this company and rank pari-passu to its other debt obligations outstanding,” Moody’s said in a press release.

The proceeds will be used to refinance Ps. 2.7 billion of short-term debt and to finance OMA's master development plan.

The outlook is stable.

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