S&P affirms Autopista Mexico-Toluca notes

Standard & Poor's said it affirmed the BBB+ senior secured debt rating on Autopista Mexico-Toluca's Ps. 4.2 billion fixed-rate bonds due 2028, with Nacional Financiera SNC as trustee.

The agency also affirmed the long-term mxAAA national scale rating on the issue and long-term mxA national scale rating on the Ps. 2.67 million of subordinated debt due 2030.

The outlook is stable.

Ratings reflect strong debt service coverage ratios, a zero-cash-flow structure, debt service reserve account of 12 months for the senior debt, the bankruptcy-remote status of the trust and the strong traffic volume on the Mexico-Toluca toll road, the agency said.

Offset the strengths is significant competition from the free alternative road and the toll road's crossing of a mountain in a seismic region, with a long, high bridge and several tunnels, the agency said.

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