Moody’s: Mexico City Airport Trust notes GB1

Moody's Investors Service said it assigned a green bond assessment (GBA) of GB1 to the senior secured notes (Baa1) to be issued by Mexico City Airport Trust Nafin F/80460.

The trust will issue up to $6 billion of debt, in increments through 2018, to partially fund the design, construction, development and operation of the new Mexico City International Airport (Naicm). Corresponding coupons and maturities are to be determined at closing.

The notes are being issued by the Mexico City Airport Trust, a special purpose trust created and operating under the laws of Mexico for the sole purpose of securitizing the receivables from collected passenger charges realized by the existing Benito Juárez International Airport located in Mexico City as well as the new Mexico City International Airport to be located in Texcoco, State of Mexico, upon it's commencement of operations which is projected to occur in October 2020.

Moody’s said the assessment is supported by the commitment to allocate the net proceeds (after deducting amounts primarily associated with issuance expenses and funding of debt service reserve funds) derived from the offerings to finance an equivalent dollar amount of eligible beneficial environmental projects that have been identified and qualified pursuant to a Green Bond Framework formally adopted by Grupo Aeroportuario de la Ciudad de México, SA de CV, the sponsor of the new airport.

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