OREANDA-NEWS. February 25, 2016.  Fitch Ratings has maintained its Negative Rating Watch on the 'BBB' and 'AAA(mex)' ratings assigned to the following Concesionaria Mexiquense, S.A. de C.V. (Conmex)'s debt issuances:

--UDI1.6 billion notes due 2035;
--UDI0.6 billion notional amount zero-coupon notes due 2046;
--MX\\$6.5 billion Goldman Sachs loan due 2027.

Fitch also maintains a Negative Rating Watch on the 'AAA(mex)' rating on the UDI1.5 billion notes placed in the local market in August 2014.

The decision to maintain the Negative Watch assigned in May 2015 reflects that at present there has been no resolution of the audit conducted by the Mexican Securities and Exchange Commission (CNBV - its Spanish acronym) on OHL Mexico's operations(the company is Conmex's sponsor). Recent developments include the CNBV making public four findings related to OHL Mexico accounting records, with which the company's has formally expressed its disagreement and provided the CNBV with information to support such claims.

On the other hand, Conmex's credit fundamentals have performed in line with Fitch's base case expectations, supported by the asset's strength given its location and purpose of usage, strong credit metrics and solid debt structure.

According to public information, CNBV's expectation is that the audit process should be concluded by the first quarter of the year. The ultimate outcome of this audit could lead to the resolution of the Negative Watch.