Mexico’s Fermaca looks at project financing

Mexico’s Fermaca looks at project financing

Structured Finance

Mexican pipeline operator Fermaca is planning to sell a $527m 24-year senior secured bond, according to Moody’s and Fitch, which assigned Baa2 and BBB- ratings to the possible project financing. Fermaca runs two gas pipelines in Mexico. One in Chihuahua has a 25-year take-or-pay offtake agreement with the federal electricity commission (CFE). The other, in the state of Mexico, has a take-or-pay contract with a subsidiary of Pemex and Gas Natural de Mexico for 30% of its output. “The rating mainl

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