S&P ups Monterrey Power bonds

Standard & Poor's said it raised its foreign currency rating on Monterrey Power SA de CV's bonds to BBB from BBB- after the upgrade of the foreign currency rating on the United Mexican States to BBB from BBB-. The outlook is stable.

S&P said the rating on Monterrey Power's bonds reflects the rating on Comision Federal de Electricidad (foreign currency BBB/stable/--, local currency BBB+/stable/--) and the direct and unconditional obligation by Comision Federal to make payments to Monterrey Power under a trust agreement.

S&P said it has concluded that as long as the commission makes its payments to Monterrey Power, Monterrey Power should, in all circumstances, have sufficient funds to pay timely principal and interest on the securities.

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