Mexico Generadora de Energia, S. de R.L. 'BBB+' Senior Secured Debt Rating Affirmed; Outlook Remains Stable
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- We expect México Generadora de Energía, S. de R.L. (MGE), to continue to
show stable and predictable cash flows, backed by a fixed capacity
contract with Mexicana del Cobre and Buenavista del Cobre mines,
resulting in Debt Service Coverage Ratios (DSCR) levels around 1.40x.
- Therefore, we are affirming our 'BBB+' long-term debt rating on MGE's
$575 million senior secured bonds.
- The stable outlook on MGE reflects that the project depends on the
ratings on Minera Mexico, who is the ultimate guarantor on the payments
of the project. The outlook also reflects our expectations of continued
stable and predictable cash flows in the next 12 to 24 months.
MEXICO CITY (S&P Global Ratings) Feb. 18, 2019--S&P Global Ratings today took
the rating actions listed above. The project consists of two natural gas-fired
electric facilities located in the state of Sonora, Mexico, with a nominal
capacity of about 258 megawatts (MW) per plant. The capacity of both plants is
fully contracted with the Mexicana del Cobre (not rated [NR]) and Buenavista
del Cobre (NR) mines, both subsidiaries of Minera Mexico, S.A. de C.V.
(BBB+/Stable/--) which represented in 2017 around 45% of its parent Grupo
Mexico S.A.B. de C.V.'s (BBB+/Stable/--) revenues, and we deem as core for the
parent's mining business.
Mexico Generadora de Energia S. de R.L. Obligation: 5.5000% bis 06.12.2032 | 20153227 | USP66208AA02 | finanzen.ch