Moody's ups Puebla

Moody's Investors Service said it upgraded the debt rating assigned to two loans under the same contract totaling 3.35 billion in Mexican pesos obtained by the State of Puebla from Banco Interacciones to Aa2.mx from Aa3.mx. The agency also said it upgraded the global-scale, local-currency debt rating to Baa2 from Baa3 assigned to the same loans.

The upgrade reflects the underlying investment grade creditworthiness of the State of Puebla, supported by the following legal and credit enhancements embedded in the loans, Moody's said. An early amortization clause was recently removed from the loan contracts.

The state also has solid coverage ratios, the agency added.

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