Moody’s Downgrades Mexican Toll Road

Moody’s has downgraded Mexico’s Libramiento de Matehuala toll road national scale rating to Aa2.mx from Aaa.mx and placed the rating under review for further downgrade. The global scale local currency and underlying ratings remain Baa3. The downgrade follows the recent downgrade of the project’s global scale rating to Baa3 from A2. The review will consider the expectations for the project’s future financial and operating performance in light of recent historical results and how the project compares to other Baa3 rated toll roads in Mexico. Another important factor is whether the downgrade of the project ‘s insurer XL to B2 from A2 could have any direct impact on the underlying credit profile. Libramiento Matehuala is a 14 km long toll road built as an alternative to Boulevard Matehuala, which bisects the city of Matehuala, Mexico.