S&P lifts Proyectos de Energia view to positive

Standard & Poor's said it revised the outlook on special purpose entity Fideicomiso No. 978006 (Proyectos de Energia) to positive from stable.

The agency also said it affirmed its BBB foreign-currency issue rating on Proyectos de Energia's senior secured notes due 2013.

The rating on its $100 million 9¾% senior secured notes is based on the sole investment-grade off-taker, Comision Federal De Electricidad (CFE).

The project structure contains protective clauses, such as CFE's irrevocable payments in dollars to an offshore trustee account, S&P said.

CFE's payment obligation is direct and unconditional, the agency said, and ranks pari passu with all of its unsecured external debt.

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