Summary: Constructora Internacional de Infraestructura, S.A de C.V. Nov 05

Standard & Poors, November 2005

Abstract
The ratings on Constructora Internacional de Infraestructura S.A. de C.V.'s (CIISA) $230 million 6.5% bonds due 2008 and $452.4 million syndicated bank loan due 2007 are linked to the rating on Comision Federal de Electricidad (CFE; foreign currency BBB/Stable/--, local currency BBB+/Stable/--), the project's off-taker. The debt finances the construction of the El Cajon hydropower project in the state of Nayarit, Mexico. El Cajon is the most important power sector project for Mexico's current federal administration. CFE benefits greatly from the ownership, close link, and direct and indirect controls the United Mexican States (UMS) government (foreign currency BBB/Stable/A-3, local currency A/Stable/A-1) has on the project. The rating on CIISA's transaction still incorporates the following risks: Construction will take place in...

Companies mentioned in this report are: United Mexican States,Comision Federal De Electricidad (CFE)
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

United Mexican States,Comision Federal De Electricidad (CFE)

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