GACNGrupo Aeroportuario Centro Norte (Spanish: North Central Airport Group; Mexico)
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Fitch believes that it will take several years before GACN is able to reach 2007's traffic levels.
They have been, and GACN indicates that they will continue to be funded entirely through cash flows from operations and debt.
In 2008, GACN invested heavily in required and strategic infrastructure.
Although Fitch views the sponsor's commitment to the transaction positively, the extent of sponsor's willingness to uphold the value of this ratio in any future declines in the market value of the GACN B shares remains unknown.
The structure incorporates a class A Total Loan to Value (TLTV) ratio, calculated using only class A Notes and market value of GACN 'B' shares held by Aeroinvest.