Fitch ups Ferromex

Fitch Ratings said it upgraded the foreign-currency and local-currency issuer default ratings of Grupo Ferroviario Mexicano to BBB from BBB-, along with Ferrocarril Mexicano SA de CV's (Ferromex) national scale rating to AA+(mex) from AA(mex) and Mexican peso-denominated bonds (certificados bursatiles) to AA+(mex) from AA(mex).

The outlook is stable.

The upgrades are based on the strong performance of Ferromex during 2009 and 2010 despite challenging economic conditions and its strong capital structure, Fitch said.

The upgrade also is supported by the company's leading position within the Mexican railroad transportation sector with a 53% market share of railway load distribution, the agency said.

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