Fitch rates Conmex notes BBB

Fitch Ratings said it assigned BBB ratings to Concesionaria Mexiquense, SA de CV's (Conmex) Ps. 8.25 billion notes due 2035, Ps. 10,541,000,000 notional amount zero-coupon notes due 2046 and Ps. 6,465,000,000 Goldman Sachs loan due 2027.

The outlooks are stable.

The notes were issued on Dec. 17 in accordance with Rule 144A of the Securities Act in the U.S. and pursuant to Regulation S outside the U.S. All the debt is senior pari passu.

Fitch said the final rating assignment incorporates the fact that, as of March 17, the issuer has already engaged in two interest-rate swaps that cover an aggregate of 55% of the bank loan, on target to meet its obligation to cover at least 75% of such debt within the six months following the transaction's financial closing.

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