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S&P puts Mexico City Airport bonds on watch
S&P said it placed the BBB senior secured bond rating of Mexico City Airport Trust on CreditWatch with negative implications, citing the effect of the pandemic on air travel.
“We’ve updated our base-case scenario to include a 55% traffic reduction this year and a return to 2019 traffic levels only by 2023. In this context, we expect the Mexico City Airport Trust’s (Mexcat or the project) metrics, i.e., debt service coverage ratios (DSCRs), to be significantly affected, particularly in the next 12 months, when we forecast the project will partially use its debt service reserve account (DSRA),” S&P said in a press release.
The agency affirmed the trust’s BBB rating.
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