Moody's gives Coatzacoalcos A1.mx, Ba1

Moody´s assigned issuer ratings of A1.mx Mexican national-scale and Ba1 (global-scale, local currency) to the Municipality of Coatzacoalcos, Veracruz.

The ratings reflect the municipality's satisfactory operating margins, modest financing deficits, high level of capital spending and moderate debt burden, the agency noted.

During the last five years, Coatzacoalcos has recorded satisfactory operating margins, although they have been deteriorating gradually, Moody's said, adding that in 2003, these operating margins equaled 28% of total revenues, but fell to 12% in 2007.

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