Carretera de Cuota Constit. y Ref. La Venta -- Moody's affirms Aa1.mx rating on the PADEIM 06-U Certifidados Bursatiles of Carretera de Cuota Constituyentes y Reforma La Venta (Mextol)

Mexico, February 01, 2013 -- Moody's de Mexico has affirmed the Aa1.mx (Mexico National Scale) and Baa2 (Global Scale, local currency) ratings of Carretera de Cuota Constituyentes y Reforma La Venta (Mextol) senior debt, consisting of the PADEIM-06U Certificados Bursatiles. The affirmation of the ratings incorporates the resilience of tolled transactions and related revenue through several economic cycles, including the most recent stress brought about by the global financial crisis. The increase in transactions has resulted in the strengthening of key financial indicators for the concession in the last couple of years and the maintenance of consolidated metrics for senior and subordinated debt at anticipated levels. The senior bonds are well protected given the tight covenants in the financial structure, which includes prepayments with excess cash and no distributions to equity until all of the senior debt is amortized. The prepayments on the senior bonds indicate that these will likely be paid well in advance of the 2028 legal maturity date.

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