By 2022, the Government of Mexico City is requesting a net debt of 4,500 million pesos, whose resources will be for mobility projects.
In accordance with the proposed Revenue Law for next year, the financing is intended to finance works such as the Buen Tono electrical substation and the Emergent Control Post substation of the Collective Transportation System (STC) Metro, whose investment amount amounts to 1,740 million pesos.
The acquisition of new generation simple trolleybuses, whose cost would amount to 750 million pesos, as well as the purchase of buses for the Passenger Transport Network with 700 million.
Another project that would be being financed would be the paving of primary roads with 680 million pesos.
The document delivered by the Secretariat of Administration and Finance of the capital indicates that with these new credits it is sought to continue with the execution of some projects, such as the Elevated Trolleybus on Avenida Ermita Iztapalapa, with an investment of 295.71 million pesos, as well as Line 1 Cuautepec-Indios Verdes del Cablebús with 181.66 million and Line 2 Sierra de Santa Catarina to Constitución de 1917, with 152.63 million.
Despite this request for financing, the capital authorities indicated that the current objective is to maintain public debt at sustainable levels and that it will not increase in real terms at the end of the current administration.
At the same time, it is projected to maintain public debt in a sustainable range in accordance with the evaluation of the Alert System of the Ministry of Finance and Public Credit.
It should be noted that the balance of the public debt of the Government of Mexico City, at the end of the third quarter of 2021, is 90.150 million nominal pesos.
“In July 2021, two loans were contracted, one for 2,200 million pesos, contracted with the Development Bank (Banobras) and the second for 2,296 million pesos, contracted with Commercial Banking (BBVA),” the financing underlined.
During the third quarter of 2021, amortization payments were made for an amount of 1,578.6 million pesos, which generated a nominal debt reduction of 0.2% and a real debt reduction of 4.9% compared to the end of 2020.
Ratings
The Secretariat of Administration and Finance of Mexico City assured that the capital of the country has solidity and good ratings, which will allow it to access this debt.
“During November 2020, Fitch Ratings y HR Ratings They ratified Mexico City’s national scale rating at ‘AAA (mex)’ and HR AAA, both with a Stable Outlook, ”the agency stressed.
Among the key factors for this result, “are the solidity and adaptability of income in the mid-range, as well as the solidity of liabilities and liquidity.”
The rating granted by HR Ratings is due to the fact that the city has shown the ability to comply with financial payment obligations in a timely and proper manner.
Reference-www.eleconomista.com.mx