Moody´s assigns Metrorrey Ba2/A2.mx

Moody’s Investors Service said it assigned first-time issuer ratings to Sistema de Transporte Colectivo Metrorrey (Metrorrey) of Ba2 and A2.mx (national scale rating).

Moody’s concurrently assigned Ba1/A1.mx debt ratings to Metrorrey’s enhanced loan of Ps. 1.4 billion from Banorte. The 20-year loan is payable through a trust to which Metrorrey has pledged 60.34% of its operating revenue.

The state of Nuevo Leon, which Moody’s rates Ba2/A2.mx negative, is jointly and severally liable to repay the loan and pledged 3.1% of the remaining revenue of its debt-paying trust.

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