Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) completed a Ps. 10,718 million long‑term bond issuance on March 31 2026. The offering, which was oversubscribed 1.74 times, demonstrates strong investor confidence in the company’s creditworthiness and growth prospects.
The proceeds will be used to acquire a 25% stake in the Cross Border Xpress (CBX) bridge and to fund capital expenditures under the 2025‑2029 Master Development Plan. The CBX stake acquisition expands PAC’s cross‑border connectivity between Tijuana and San Diego, providing direct exposure to the U.S. market and diversifying revenue streams. The Master Development Plan targets terminal and commercial space expansions across PAC’s Pacific corridor airports, aiming to increase capacity and improve operational efficiency.
PAC’s net debt‑to‑EBITDA ratio remains at 1.8×, a figure that signals a manageable leverage level. While the fact‑check report does not provide a prior‑period comparison, the unchanged ratio suggests that the company’s debt profile is stable as it pursues these growth initiatives.
The bond issuance received top national credit ratings: “Aaa.mx” from Moody’s and “mxAAA” from S&P, both with stable outlooks. These ratings reinforce the market’s view that PAC’s financial structure is robust enough to support the planned investments.
Analysts view the bond issuance as a positive signal of PAC’s financial strength. The oversubscription and high credit ratings indicate that investors are comfortable with the company’s leverage and its strategy to invest in cross‑border infrastructure and airport expansion. However, some analysts remain cautious about elevated leverage and recent margin softness, noting that the company’s profitability has faced headwinds from higher concession fees and maintenance costs.
Overall, the bond issuance provides PAC with the liquidity needed to execute its strategic growth plan while maintaining a solid balance sheet. The move positions the company to capture new revenue opportunities in the U.S. market and to enhance its airport network, supporting long‑term value creation for shareholders.
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