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19 Aug 2010
New York, August 19, 2010 -- Moody's Investors Service placed the Mexico City Airport Trust's
(Fumisa) Ba2 rating on review for possible downgrade, affecting
US $ 76.3 million and 76.5 million UDI (equivalent
to $26.3 million US) lease receivable bonds.
The review is prompted by the uncertainty surrounding the effect on the
medium term revenue stream of Fumisa brought about by the August 3,
2010 bankruptcy filing of Mexicana Airlines. During the first half
of 2010, Mexicana Airlines comprised 32% of the international
passenger traffic through Terminal 1 of the Mexico City International
Airport (AICM for its acronym in Spanish).
Fumisa receives its revenues from the lease of commercial space in Terminal
1 of the Mexico City International Airport primarily to commercial vendors,
with a more modest portion stemming from counter space and other terminal
space leased to airlines. While airport passenger traffic is not
the driver of revenue for the payment of the lease revenue bonds,
it is an important indicator of the flow of passengers that makes the
Terminal 1 an attractive location for duty free and other concessionaires.
A major disruption in the number of passengers coming through the terminal
will likely hinder the ability of the commercial vendors to make lease
payments over the medium term and could compromise the project's
ability to meet debt service from the project cash flows at levels that
are consistent with the current rating.
For the quarter ending August 2010, Fumisa had projected a debt
service coverage ratio (DSCR) of 1.25x and given that the majority
of those revenues have already been collected it is likely that the company
will hit its target. However, going forward, revenues
could be lower and a DSCR below 1.15x could result in an early
amortization of the bonds. The sponsor, Advent International,
is able to support the project through an equity injection in the Coverage
Reserve Account (CRA), to bring DSCR over 1.15x. This
remedy is only allowed three times in the life of the debt, with
one already used during 2009. The support through the CRA must
also fall 12 months apart, which would allow the use of the CRA
by November of this year, and the need for support beyond that point
depends on the outcome of Mexicana's situation.
The review of the credit over the next three months will focus on the
maintenance and/or recovery of Mexicana's flights in and out of
AICM Terminal 1, by it or other carriers, and the ensuing
effects on passenger traffic and most importantly on Fumisa's revenues.
Additionally, Moody's will review the project's liquidity
position which at present is strengthened by cash trapped in the trigger
reserve account, and that held for lease prepayment and tenant security
accounts. The project structure benefits from a 6 month debt service
reserve account. The notes amortize fully through December 2013.
The last rating action on the Mexico City Airport Trust was on February
16, 2010 when the Ba2 rating was confirmed with a stable outlook.
The lease receivable bond ratings were assigned by evaluating factors
believed to be relevant to the credit profile of the Project such as i)
the business risk and competitive position of the project versus others
within its industry or sector, ii) the capital structure and financial
risk of the project, iii) the projected performance of the project
over the near to intermediate term, and iv) the project's history
of achieving consistent operating performance and meeting budget or financial
plan goals. These attributes were compared against other projects
both within and outside of the Airport's core peer group and the lease
receivable bond ratings are believed to be comparable to ratings assigned
to other projects of similar credit risk.
VP - Senior Credit Officer
Project Finance Group
Moody's Investors Service
Chee Mee Hu
MD - Project Finance
Project Finance Group
Moody's Investors Service
Moody's Investors Service
Moody's places the Ba2 rating of the Mexico City Airport Trust (Fumisa) on Review for Downgrade
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