Moody's drops Autopista del Mayab

Moody's Investors Service said it downgraded the Baa3 senior unsecured and Ba1 subordinated global local currency ratings of Autopista del Mayab (ADM) to Ba1 and Ba2, respectively.

ADM's Aa2(mx) senior unsecured national-scale rating and ADM's Aa3(mx) subordinated national-scale rating were also downgraded to Aa3(mx) and A1(mx), respectively, the agency added.

The rating action reflects Moody's belief that cash flow coverages in 2005 and 2006 will be weaker than previously expected due to the lingering effects of Hurricane Wilma.

The agency noted the stable outlook reflects significant progress in restoring the tourist areas and the view that Cancún and Cozumel will ultimately remain highly attractive tourist destinations.

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