Fitch rates Aeropuerto de Cancun USD notes BBB+; outlook stable

The analysis considers ASUR's proportional consolidated credit profile and reflects ASUR's stake in each subsidiary. Although some subsidiaries have distribution limitations, ASUR's access to the cash flow of mature assets in Mexico and prudent treasury management support the group's needs. The rating approach also considers the corporate guarantees for debt at Brazilian assets with lower cash generation capacity and the company's diversified portfolio. Under Fitch's rating case, about 67% of revenue over the projection period (2026-2031) is expected to be generated in investment-grade economies, namely Mexico and the U.S., while the remaining 33% is expected to come from sub-investment-grade economies. Consolidated net leverage, measured as net debt to EBITDA, is projected to peak at 3.7x in 2026, following new debt issuance, and reflects only four months of EBITDA contribution from CPC. Net leverage is expected to decline to 3.4x in 2027, the first full year of combined operations, and to remain around that level through 2029, before gradually decreasing to 2.5x by 2031. In this scenario, Fitch projects EBITDA of USD1.1 billion in 2027. EBITDA margins are expected to remain broadly stable at around 48% through 2031. Liquidity is considered strong, supported by an extended debt amortization profile. TRANSACTION SUMMARY Aeropuerto de Cancun priced a USD1.8 billion senior unsecured notes offering in the Rule 144A/Reg S market. The issuance comprises two equally sized fixed-rate tranches with bullet maturities of five and 10 years. The tranches carry coupons of 6.711% and 7.491%, respectively. Aeropuerto de Cancun is the issuer of the notes, and ASUR will guarantee them. Net proceeds will be used primarily to refinance ASUR U.S.'s MXN6,390 million bridge facility incurred in December 2025, the USD1,230 million bridge facility incurred in connection with the CPC acquisition in August 2026, and certain other indebtedness, with the remainder to be used for general corporate purposes. SECURITY Aeropuerto de Cancún's notes will be senior unsecured and benefit from a parent guarantee, under which ASUR will fully, unconditionally, and irrevocably guarantee the repayment of the notes. Date of Relevant Committee 16-Sep-2026 REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS The Rating of Aeropuerto de Cancun's notes is directly linked to the IDR of ASUR, the guarantee provider. A change in Fitch's assessment of the IDR of ASUR would automatically result in a change in the Rating on Aeropuerto de Cancun's notes. In addition, any change in Fitch's view on the quality of ASUR's guarantee may result in a downgrade to the notes. Climate Vulnerability Signals The Climate.VS for 2035 for Aeropuerto de Cancun, on a stand-alone basis, is 51. The high score reflects the airport's sin