Moody's rates Grupo Aeroportuario del Pacifico notes Baa1

Moody's Investors Service said it assigned senior unsecured ratings of Baa1 on the global scale and Aaa.mx on the Mexican national scale to Grupo Aeroportuario del Pacifico, SAB de CV's planned sale of variable-rate certificados bursatiles of up to Ps. 1.5 billion due 2026 (GAP 21-V).

The senior unsecured certificados bursatiles will be the sixth and the reopening of the fifth draw down, under GAP's Ps. 42.2 billion certificados bursatiles program with a five-year tenor. Together GAP 21-2 and GAP 21-V issuances may not exceed Ps. 2.5 billion.

“The assigned Baa1 and Aaa.mx ratings are in line with GAP's issuer ratings considering that the proposed notes will be senior unsecured direct obligations for this company and rank pari-passu to its other debt obligations outstanding. Proceeds will be used to finance GAP's master development plan. Specifically, GAP 21-V will finance projects expected to reduce the environmental footprint of GAP's airports operations in Mexico,” Moody’s said in a press release.

Moody's also reported no change to the Baa1 global scale rating and Aaa.mx national scale ratings of GAP's reopening of senior unsecured fixed-rate certificados bursatiles due 2028 (GAP 21-2).

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.