S&P ups Libramiento

S&P said it upgraded the Mexican national scale rating of Libramiento de Matehuala’s (Matehuala or the project) notes to mxAAA from mxAA+ and affirmed their BBB global scale rating.

The project showed resilience amid the mobility restrictions imposed to mitigate the pandemic’s spread and posted a faster-than-expected recovery during the first quarter of 2021, with traffic volume growth of about 5% over the same period in 2019, S&P said.

“Therefore, we now project an increase in traffic volume of about 7% in 2021 over the 2019 level, compared with our previous expectation of a 15% drop. This would translate into a higher minimum debt service coverage ratio (DSCR) of about 3.4x, compared with our previous forecast of 2.4x,” the agency said in a press release.

The outlook is negative.

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