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S&P upgrades Oaxaca IV
S&P said it upgraded the issue-level ratings on CE Oaxaca Cuatro, S de RL de CV (Oaxaca IV) to BBB from BBB-.
The outlook is stable.
Oaxaca IV has consistently shown a stronger-than-expected operational performance since it began operations, improving its resiliency in a downturn, the agency said.
The stable outlook reflects an expectation of continued strong operational performance and predictable cash flows due to the operator's long-term power-purchase agreement with Mexico's Federal Electricity Commission, S&P said.
The agency said it expects Oaxaca IV to post debt-service coverage ratios of about 1.7x for 2019 and 1.6x for 2020.
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