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Mexico Generadora de Energia, S. de R.L. 'BBB+' Senior Secured Debt Rating Affirmed; Outlook Remains Stable
  • 18-Feb-2019 19:48 EST
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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
 
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20 FEB 2019 10:28 AM ET



Fitch Ratings - New York - 20 February 2019: Fitch Ratings has assigned a 'BBB' rating to Whirlpool Corp.'s (WHR) offering of new 10-year senior unsecured notes. The notes will be senior unsecured obligations and will rank equally in right of payment with existing senior unsecured debt. The company intends to use proceeds from the new notes issuance plus proceeds from an add-on to its existing 2022 notes to repay EUR600 million of outstanding term loan borrowings (maturing on Dec. 1, 2019) and for general corporate purposes.
 

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