Moody's rates Nayarit loans Baa1

Moody's Investors Service said it assigned global scale local-currency debt ratings of Baa1 and a Mexico national scale rating of Aa1.mx on two enhanced loans to the state of Nayarit.

Those loans include a Ps.5 billion enhanced loan from Banobras with a maturity of 25 years and a pledge of 38.5% of the state's general participations fund revenues; and a Ps.500 million enhanced loan from BBVA Bancomer with a maturity of 20 years and a pledge of 4.3% of the state's general participations fund revenues.

The ratings reflect the underlying creditworthiness of Nayarit, supported by several credit enhancements embedded in the loan documentation, the agency said.

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