S&P ups Proyectos de Energia notes to BBB

Standard & Poor's said it raised its foreign currency rating on Proyectos de Energia SA de CV's notes 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 BBB foreign currency rating on Proyectos de Energia's $100 million senior secured notes is based on its investment-grade offtaker, Comision Federal de Electricidad, as well as on a legal scheme that isolates the company from Siemens AG (AA-/stable/A-1+), its parent.

Proyectos de Energia at the same time secures significant support from Siemens, which also provides funds for Proyectos de Energia to pay administrative expenses and Mexican taxes, according to S&P.

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