Fitch puts Mexico City Airport Trust on watch

Fitch Ratings said it placed the BBB+ rating on Mexico City Airport Trust's (Grupo Aeroportuario de la Ciudad de Mexico, SA de CV) senior secured notes issued in 2016 and 2017 on Rating Watch negative.

The negative watch reflects the uncertainty following the outcome of the public consultation by Mexico's president-elect Lopez Obrador, which overwhelmingly voted to refurbish the current Mexico City and Toluca airports, Fitch said.

The new regime also plans to build two runways on the Santa Lucia military base, the agency said, and suspend construction of Mexico City's New Airport located in Texcoco.

This could trigger a number of materially adverse scenarios for Grupo Aeroportuario's credit quality, the agency said.

Once the next government takes office Dec. 1, it is expected that negotiations will take place between the government and Grupo Aeroportuario, contractors and investors, Fitch said.

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