Fitch cuts Mexico City's Airport Trust notes to BBB

Fitch said it downgraded its rating on Mexico City Airport Trust's (Grupo Aeroportuario de la Ciudad de Mexico, SA de CV [GACM]) senior secured notes issued in 2016 and 2017 to BBB from BBB+.

The outlook is negative.

“The rating downgrade reflects a lowered assessment of the price risk and infrastructure renewal, and replacement key rating drivers of the transaction, as a consequence of the cancellation of the construction of the Mexico City's new airport in Texcoco, which effectively reduces revenue growth prospects and increases potential existing airport cost implications,” Fitch said in a news release.

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