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Fitch pulls Mexico City Airport notes from watch
Fitch Ratings said it affirmed and removed the rating watch negative on Grupo Aeroportuario de la Ciudad de Mexico, SA de CV’s BBB- ratings on its senior secured notes issued in 2016 and 2017.
The watch removal reflects Fitch’s alleviated concerns over short-term liquidity pressures. Signs of improvement in airport usage fees, or TUA, collection since August and the concessionaire’s decision to leave distributable cash within the trust for the benefit of bondholders supports the rating watch removal, Fitch said.
These funds were generated before the pandemic’s effect in the airport’s revenues was fully felt. “According to Fitch’s estimations, the combination of slow but steady traffic recovery, together with the TUA collection rate kept at least at the current 70% and the above-mentioned funds left by the concessionaire, should ensure timely debt service payment in 2021,” Fitch said in a press release.
The outlook is negative.
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