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Announcement:

Moody's: Air traffic growth boosts sector but Mexico City airport cancellation would be negative

 The document has been translated in other languages

17 Apr 2018

Mexico, April 17, 2018 -- Strong air traffic in Mexico will bolster the credit profile of airports in the country, but the cancellation of Mexico City airport is a key risk, Moody's Investors Service says in a new report.

Total traffic in Mexico increased 60% between 2012 and 2017, or by 10% on average annually. Airport companies expect this trend to continue on the back of lower ticket prices caused by increased airline competition. Growing domestic and international travel demand is also fueling the trend amid better economic prospects in Mexico and the U.S., the main contributors to international travel.

Airports' financial performance is also benefiting from non-aeronautical revenue growth. Total private airport revenues are growing even more rapidly than traffic, at a compound annual growth rate of 20.9% in the period 2013-2017, driven by non-aeronautical revenues such as concessions, which increase at a CAGR of 21.2% in the same period. As a result, the financial position of Mexican airports strengthened, having higher key metrics than the average of Moody's rated portfolio of privately managed airports globally.

Canceling the Mexico City airport project would have negative credit implications for the sector. The opening of the new Mexico City airport would provide Mexico City Airport Trust NAFIN F/80460 (MEXCAT, Baa1 stable) with additional available cash flow for debt service due to added capacity and expected passenger traffic growth. Mexican presidential candidate Andrés Manuel López Obrador has expressed his opposition to the airport's construction warning that, if elected, he would review the project and consider other alternatives. The project cancellation, or material delays to its opening, would have credit negative implications not only for MEXCAT but also to the Mexican airport sector more broadly.

"The key long-term challenge for airport companies is capacity constraints that could inhibit growth," says Adrian Garza, a Moody's vice president and senior analyst. "In order to continue servicing the strong demand, many airports will require additional capital investments and debt financing in the next 5 years."

Companies have a solid record of executing capital programs to expand capacity and the financial strength to take on more debt without material credit implications. Under the concession framework, aeronautical tariffs are established in order to recover additional investments plus a return, limiting financial risk.

Moody's research subscribers can access this report at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1113577

*********************************************

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Adrian Garza
Vice President - Senior Analyst
Project Finance Group
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 1 888 779 5833
Client Service: 1 212 553 1653

Alejandro Olivo
Associate Managing Director
Project Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 1 888 779 5833
Client Service: 1 212 553 1653

No Related Data.
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