S&P rates GACM notes BBB+

S&P said it assigned BBB+ issue ratings to the $2 billion of senior secured debt issued by Mexico City Airport Trust (Fideicomiso 80460).

The outlook is negative.

The rating primarily reflects the credit quality of the sponsor of this transaction, Grupo Aeroportuario de la Ciudad de Mexico SA de CV (GACM), S&P said.

This rating dependence on GACM is because the agency said it considers the continued operation of the Mexico City airport as critical to generating airport passenger revenue that will support debt repayment.

GACM is a government-related entity wholly owned by the Mexican government and also owns Aeropuerto Internacional de la Ciudad de Mexico, S&P explained.

The seniority of debt service payments for this debt provides credit support for secured creditors, the agency said.

But the agency also said it believes that the structure is highly reliant on GACM, which constrains the rating.

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