Comision Federal de Electricidad #BBB+# Foreign Currency, #A# Local Currency, #mxAAA# National Scale Ratings Affirmed

Stocks and Financial Services Press Releases Wednesday June 14, 2017 09:25
MEXICO CITY--14 Jun--S&P Global Ratings

MEXICO CITY (S&P Global Ratings) June 13, 2017--S&P Global Ratings affirmed its 'BBB+' foreign currency (FC) and 'A' local currency (LC) corporate credit and issue-level ratings on Comision Federal de Electricidad (CFE). We also affirmed our 'mxAAA' long-term national scale corporate credit and issue-level ratings on CFE.

The outlook remains negative. The ratings affirmation reflects our view that there continues to be an almost certain likelihood that the government of Mexico (FC: BBB+/Negative/A-2; LC: A/Negative/A-1) would provide timely and sufficient extraordinary support to CFE in the event of financial distress.

We base this assessment on our view that CFE shows the following characteristics: It continues to play a critical role for the government, given its monopoly over the transmission and distribution of electricity in the country.

We also expect the company to be the leading player in the power generation business for the foreseeable future.
CFE still has an integral link with the government.
Mexico is the sole owner of CFE and it will continue to have a tight control over it.

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