Moody’s: Grupo Aeroportuario del Pacifico notes A3

Moody’s Investors Service said it assigned A3 global scale and Aaa.mx Mexican national scale ratings to Grupo Aeroportuario del Pacifico, SAB de CV’s proposed senior unsecured variable rate certificados bursatiles due 2025 (GAP 20).

The proposed certificados bursatiles will be the seventh draw down under the company’s Ps. 15 billion certificados bursatiles (local short and long term revolving) program with a five-year tenor. The GAP 20 certificados bursatiles issuance will be up to Ps. 3 billion.

The assigned A3 and Aaa.mx ratings consider the proposed notes will be direct obligations for the company and assume the expected increase in leverage to up to Ps. 15 billion, the maximum amount allowed under the program.

Grupo Aeroportuario’s ratings reflect very strong financial performance driven by solid passenger trends that are expected to continue. In 2019, traffic increased 8.4% on the airports (including Montego Bay and Kingston, both in Jamaica). Traffic is mostly origin and destination travelers with a diversified profile with international passengers representing around 42% of total passengers, the agency said.

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