Moody's rates Sinaloa bonds Aa2.mx

Moody's Investors Service said it assigned ratings of Aa2.mx (Mexico national scale) and Baa3 (global scale, local currency) to the 247 million UDIs of State of Sinaloa bonds sold on Jan. 21.

The bonds were sold as a part of a program to refinance all of the state's bank debt denominated in UDIs. The remaining debt in UDIs was refinanced with a loan from Banco del Bajio.

Moody's said the bond ratings incorporate both the state's credit position and the enhancement provided by the trust structure and related legal documents.

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