S&P affirms Promotora y Administradora de Carreteras

Standard & Poor's said it affirmed its AAA long-term rating and AAA(mx) rating on the CaVal-scale on Promotora y Administradora de Carreteras SA de CV's Mexican peso 4.2 billion wrapped fixed-rate notes due 2028, issued in inflation-protected units by a trust in Nacional Financiera SNC.

S&P said it also affirmed the BBB+ underlying rating on the notes.

The outlook is stable.

At the same time, S&P said it affirmed its A+(mx) rating on the MxP1.47 billion subordinated debt due 2030.

The ratings reflect the unconditional and irrevocable guarantee of payment of scheduled interest and principal provided by MBIA Insurance Corp. (MBIA, AAA/stable), by means of MBIA's financial guarantee insurance policy, the agency added.

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