S&P lifts Oaxaca Cuatro bonds to positive

S&P said it revised the outlook on CE Oaxaca Cuatro S. de RL de CV's $150.2 million fixed-interest senior secured bonds due December 2031 to positive from stable.

The agency also said it affirmed the BBB- rating on this debt.

The positive outlook reflects the possibility of an upgrade in the next 12 months because of a substantial and consistent strengthening of the project's credit metrics, mainly a minimum debt service coverage ratio (DSCR) of higher than 1.6x, S&P explained.

This could occur if Oaxaca IV continues to reduce its operating and maintenance costs, the agency said, as it has since the start of operations in 2012.

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