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Moody's ups Comision de Federal Electricidad project debt to Baa1
Moody's Investors Service said it upgraded the foreign currency debt ratings of El Habal Funding Trust, Fideicomiso Petalcalco, Monterrey Power, SA de CV and Proyectos de Energia, SA de CV to Baa1 from Baa2.
Each of the ratings represents lease obligations of Mexico-based Comision de Federal Electricidad to the particular project, and the noteholders' claims rank pari-passu with Comision de Federal's senior unsecured debt.
The outlook for each of the issuers is stable, changed from rating under review.
The upgrade reflects an improving trend in Comision de Federal's profitability and cash flow, along with stable operating performance and effective management of substantial capital expenditures that are needed to satisfy the growing electric infrastructure needs of Mexico.
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