S&P rates Mexico City Airport debt BBB+

S&P said it assigned a BBB+ rating on the $4 billion of new senior secured debt issued by Mexico City Airport Trust.

The outlook is stable.

The BBB+ rating on the trust's new senior secured debt reflects the credit quality of the sponsor of this transaction, Grupo Aeroportuario de la Ciudad de Mexico SA de CV (GACM), S&P said.

The rating depends on GACM because the agency said it believes the continued operation of the Mexico City airport is critical to generating airport passenger revenue, the agency explained.

GACM is a government-related entity wholly owned by the Mexican government, S&P noted.

GACM is the concession holder of the new Mexico City Airport and also owns Aeropuerto Internacional de la Ciudad de Mexico, SA de CV, the concession holder of the existing airport, the agency said.

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