Fitch Ratings raised Coahuila's long-term national scale rating to “A- (mex)” from “BBB + (mex)’ ”, while the credit outlook was changed to Stable from Positive.

According to the agency, the rating upgrade reflects stability in prospective debt metrics, as provided in the previous review, and adequate financial performance through effective control of spending.

"Cash control maintains operating margins at adequate levels and above the rating pairs," the agency reiterated.

Another key factor that determined the rating was the sustainability of spending, which was in the middle range and where the average operating margin of Coahuila maintained a stable trend.

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Fitch also reported that it considers debt control moderate; At the end of 2020, the direct debt balance was made up of 36,440.4 million pesos of long-term debt and 387.9 million of the residual value of a zero coupon bond.

“All long-term debt is in trust and has interest rate derivative instruments, which provides certainty regarding the payment of debt service. The current administration does not have additional long-term debt plans, production chains or financial factoring, ”the agency stressed.

Regarding short-term loans, at the end of 2020 a balance of 1,900 million pesos was registered, which were contracted to cover liquidity pressures, mainly those that take place at the end of the year, related to the payment of bonuses.

Given this, the entity does not rule out continuing with the use of short-term credits up to the amount registered at the close of fiscal year 2020 and as allowed by the Financial Discipline Law.

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