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S&P ups Libramiento
Standard & Poor's said it raised the senior secured debt rating on Libramiento de Matehuala's Ps. 550 million bonds due 2032 with HSBC Mexico SA as trustee to BBB from BBB-.
The agency also assigned a BBB underlying rating and affirmed the mxAAA national scale rating.
Ratings were removed from CreditWatch, where they were placed with negative implications on Jan. 31.
The outlook is stable.
The BBB rating reflects debt service coverage ratios, zero cash-flow structure, one year debt service reserve account and low risk of business interruption, S&P said.
These strengths are offset by dependence on high commercial activity, expiration of the legal debt amortization schedule one year before the end of the concession and competition from free alternative roads, the agency said.
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