Moody's: Sonora loan Baa2

Moody's Investors Service said it assigned a debt rating of Aa2.mx on the Mexico national scale to an enhanced loan of the State of Sonora for 4.4 billion in Mexican pesos from Banorte.

The agency also said it assigned a local-currency debt rating of Baa2 to this loan.

The loan from Banorte is payable through a trust, to which the state has pledged the flows and rights to a portion of its federal participation revenues, Moody's said.

The loan was contracted to refinance part of Sonora's outstanding debt, the agency said. Its projected cash flows generate solid debt service coverage ratios, the agency added.

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