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Fitch Places 2 Tranches of Mexico's Infu Trust (Fumisa) on Watch Negative

Dépèche transmise le 29 mai 2009 par Business Wire

CHICAGO--(BUSINESS WIRE)--Fitch Ratings has placed two tranches of notes issued by Infu Trust and currently rated 'BBB-' on Rating Watch Negative. The rating action is a result of three evolving issues related to the Mexico City airport: the continued effects of the global economic crisis; the recent outbreak of Swine Flu; and increasing delinquencies from tenants of the airport's commercial space.

The US$245 million in aggregate notes are secured by various income rights granted to Inmobiliaria Fumisa, S.A. de C.V. (Fumisa) at Terminal 1 of the Mexico City International Airport (MCIA). The US$245 million in total issuance reflects two pari passu tranches, one for US$180 million and the second for the UDI equivalent of US$65 million.

The placement on Watch Negative is a result of lower than expected collections due to the confluence of several events. While Fitch recognizes the continued long-term economic attractiveness of the underlying airport asset, the near-term effects of the economic crisis and Swine Flu have caused an increase in commercial rent delinquencies. Approximately 85% of Fumisa's revenues are derived from rental payments of retail space secured by long-term leases. The duration of these events and their effect on cash flows will drive the resolution of the Watch Negative status.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.