S&P ups Mexico Generadora de Energia view to positive

S&P said it revised its outlook on Mexico Generadora de Energia S de RL to positive from stable and also affirmed the BBB issue-level rating on the company's $575 million fixed-interest senior secured bonds due Dec. 6, 2032.

The outlook revision reflects a similar action on Grupo Mexico SAB de CV (BBB/positive/--) and on its core subsidiaries, such as Minera Mexico SA de CV (BBB/positive/--), which reflects MGE's dependence on Minera Mexico's credit quality, as an irreplaceable revenue counterparty and the guarantor of the Electric Energy Self-Supply Agreement.

“MGE is of significant strategic importance to Grupo Mexico because the former provides electrical energy to the group's mining division,” S&P said in a news release.

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