S&P places mxAA+ rating on Veracruz-Cardel bond issue

Standard & Poor's ( S&P) has assigned its mxAA+ rating with a stable outlook to 700mn pesos (US$63.7mn) in bonds maturing in 2014 issued by Mexico's Veracruz-Cardel tollroad, S&P said in a statement. Some of the tollroad's strengths include an adequate debt service coverage ratio, strong market participation with a majority of clients using the tollroad for work purposes, and a solid legal and financial structure, S&P said. At the same time, weaknesses include sole-income generating activity (tolls), and the existence of a competing highway that takes some of the toll road's traffic. To read S&P's full report in Spanish, paste the following link into your browser: http://www.bnamericas.com/rc_search_detail.xsql?id_documento=67675&Tx_idioma=E