S&P upgrades Conmex

S&P said it upgraded the global scale issue-level ratings on Concesionaria Mexiquense SA de CV’s (Conmex) senior secured debt to BBB+ from BBB and affirmed its national scale mxAAA ratings on the company.

The outlook remains stable.

The upgrades reflects a more favorable view of the project’s operating and financial performance, the agency said.

During 2015 and the first quarter of 2016, traffic levels increased 12.8% and 7% respectively, boosting cash flow generation and its main coverage ratio beyond expectations, S&P said.

The traffic increase was mainly explained by the interoperability of automated payment systems for heavy vehicles, the agency added.

Going forward, this positive trend is expected to continue in a more modest way, S&P said.

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