A toll road deal in Mexico appeared on the horizon last week. Structured by boutique investment bank Protego, the Ps520 million (US$45 million) program for Carreteras de Cuota Puebla has a 53% guaranty from state development bank Banobras in the form of a contingent credit line, according to a source familiar with the deal. This marks Protego's first move into the toll road sector from its traditional focus on sub-sovereigns, and Banobras' debut as a guarantor. Santander Investment will bring the ABS to market. Fitch Rating has awarded the structure AAA(mex)' on the national scale, several notches higher than the shadow rating sans the credit line. The deal will securitize flows generated by "La Via Atlixcayotl," a stretch of highway between Puebla and the town of Atlixco, a weekend getaway town for Pueblinos. According to several Web sites, Atlixco boasts the best climate in the world.

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