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Announcement:

Moody's assigns Green Bond Assessment (GBA) of GB1 to Mexico City Airport Trust Senior Secured Notes

01 Sep 2017

Second GBA assigned to issuer for the second offering of Senior Secured Notes as part of its $6 billion financing plan

New York, September 01, 2017 -- Moody's Investors Service has today assigned a Green Bond Assessment (GBA) of GB1 to the second offering in the up to $6 billion total borrowing plan of Senior Secured Notes to be issued by Mexico City Airport Trust NAFIN F/80460 (Mexico City Airport Trust, Baa1 negative). Corresponding coupons and maturities will be determined at closing. This is the second GBA assigned to the trust following the original assignment of a GB1 assessment to $2 billion of Senior Secured Notes issued in September 2016.

"The bond proceeds will be used to finance environmentally beneficial projects, including a new passenger terminal building, ground transportation center and air traffic control center," Analyst Matthew Kuchtyak said. "In addition, there are good organizational and governance structures around the deployment of the proceeds, including ongoing disclosure until the proceeds are fully invested."

ASSESSMENT RATIONALE

The trust's planned issuance of Senior Secured Notes now, as well as the issuance of notes in September 2016, will partially fund the design, construction, development and operation of the new Mexico City International Airport (NAICM). The Senior Secured Notes are issued by the Mexico City Airport Trust, a special purpose trust created for the sole purpose of securitizing the receivables collected from passenger charges realized by the existing Benito Juárez International Airport, located in Mexico City, as well as NAICM, which will be located in Texcoco, State of Mexico.

The GB1 (excellent) assessment is supported by the commitment to allocate net proceeds to finance and refinance eligible beneficial environmental projects that have been identified and qualified pursuant to a green bond framework formally adopted by Grupo Aeroportuario de la Ciudad de México, S.A. de C.V., (GACM), the sponsor of the new airport. A green bond committee with broad representation and expertise evaluates eligible environmental project proposals within the broader context of sustainability goals and objectives for the airport project. GACM has committed to disclose the nature of investments, their dollar amounts and impacts on a quarterly basis, continuing until the airport has fully allocated the net proceeds.

GACM expects the new airport to commence operations in October 2020. It is one of the largest airport construction projects underway in the world and considered one of the most important infrastructure projects undertaken in Mexico in recent decades. Under the sponsorship of GACM, a state-owned company controlled by the Mexican Ministry of Communications and Transportation, the first phase of the new airport is scheduled to be completed in 2020 with capacity to support over 50 million passengers. Upon the completion of its second phase of construction, the airport is expected to have a capacity of 125 million passengers.

NAICM has adopted a green bond framework that covers the issuance of green bonds by the Mexico City Airport Trust. The framework is explicitly referenced in the offering memorandum, and a copy of the framework is posted in its entirety on NAICM's website. NAICM has also established a green bond committee with responsibility for governing the NAICM green bond framework. The green bond committee includes sustainability experts and senior managers from the GACM environmental and sustainability, infrastructure, planning and treasury teams, as well as from Parsons Corporation, the NAICM project manager. The committee reviews and approves all potential green projects to determine their eligibility under the NAICM green bond framework and the Green Bond Principles (GBP).

All of the net proceeds will be allocated for investment pursuant to the green bond framework. An estimated $5.9 billion in potentially eligible environmental projects have been identified (total airport project estimated to cost about $13.3 billion) and will be financed in line with the green bond framework and GBP across six eligible environmental categories: sustainable buildings, renewable energy, energy efficiency, water and wastewater management, pollution prevention and control, and conservation and biodiversity.

The net proceeds will be transferred from the Mexico City Airport Trust to GACM for investment pursuant to the above framework. Until the net proceeds are fully allocated to eligible projects on or before 2020, GACM Treasury will maintain internal records tracking the allocation of net proceeds. While there is oversight of GACM performed by at least two regulatory bodies, including the Ministry of Public Administration and the Superior Audit Office, there is no independent audit of GACM's tracking function for the green bond proceeds.

GACM obtained a second-party opinion from consultancy Sustainalytics to confirm the validity of the NAICM green bond framework. The Sustainalytics report was subsequently published on the NAICM website. GACM is also planning to engage Sustainalytics to review the allocation of net proceeds and provide a report on its conformity with the NAICM green bond framework. The review will be conducted annually until the net proceeds are fully allocated to eligible green projects. The first report, expected to be published before the end of 2017, will also be published on the NAICM website.

To provide transparency around the complex airport program, its scale and the potentially longer lead times associated with the allocation of the proceeds, GACM has committed to providing quarterly updates continuing until the net proceeds are fully allocated and as necessary thereafter in case of new developments. Where feasible, the NAICM green bond reports will include qualitative and, if reasonably practicable, quantitative environmental performance indicators on the eligible green projects.

To date, GACM has published three quarterly green bond reports updating the market on various elements of the new airport project, in line with its original commitment. The three reports are dated December 2016, March 2017 and June 2017, and were published on the NAICM website.

METHODOLOGY

The principal methodology used in this rating/analysis was Green Bonds Assessment (GBA) published in March 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Please see Moody's Rating Symbols and Definitions on the Ratings Definitions page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see Moody's Rating Symbols and Definitions on the Ratings Definitions page on www.moodys.com for further information on the time horizon in which a credit rating action may be expected after a review or outlook action took place.

Please see the ratings tab on the issuer page on www.moodys.com for the last action and the history of the rating. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com/disclosures for further information.

Please see the ratings disclosure page on www.moodys.com/disclosures for disclosures on significant Moody's shareholders and on certain relationships between Moody's, its shareholders and/or rated issuers.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

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.

Matthew Kuchtyak
Analyst
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Jim Hempstead
MD - Utilities
Corporate Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
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