S&P affirms Fermaca notes

S&P said it affirmed its BBB- issue-level rating on Fermaca Enterprises S de RL de CV's $550 million fixed-interest senior secured notes due May 2038.

The outlook remains stable.

The agency said the affirmation reflects an expectation that the project will continue to post solid operating and financial performance in the next 12 months.

S&P said it expects a minimum debt service coverage ratio of 1.22 times and an average debt service coverage ratio of 1.37 times in 2018 due to the low operating cost structure of natural gas pipelines and a very low market exposure.

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