S&P affirms CFE ratings

Standard & Poor's said it affirmed its BBB+ local currency rating and BBB- foreign currency rating on Comision Federal de Electricidad SA (CFE).

At the same time, S&P affirmed its BBB- rating on Fideicomiso Petacalco's $308.9 million senior secured notes due 2009, its BBB- rating on Monterrey Power SA's $235.2 million senior secured bonds due 2009, and its BBB- rating on Proyectos de Energia SA's $100 million senior secured notes due 2013.

The outlooks are stable.

S&P said the rating affirmation follows S&P announcement that it affirmed its BBB- long-term and A-3 short-term foreign currency sovereign credit ratings on the United Mexican States. S&P also affirmed Mexico's A- long-term and A-2 short-term local currency sovereign credit ratings on Mexico.

"The ratings on CFE reflect its economic importance as Mexico's primary vertically integrated electric utility and healthy electricity demand prospects," said S&P credit analyst Federico Mora. "The ratings are further enhanced by CFE's legal status as a decentralized government agency and its close ties to and support from the Mexican government."

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