While new players merge into Mexico's toll road sector (see related story), the ride's been a little bumpy for a few existing projects, with severe weather to blame in a couple of cases. An MBIA-wrapped transaction for a highway in the state of Nuevo Leon - also the originator - has recently drawn heightened scrutiny because traffic diverted onto the road due to a collapsed bridge is not being charged any tolls. Nuevo Leon has said it would compensate for the shortfall by dipping into its own coffers, according to sources.

MBIA Managing Director Franklin Minerva said force majeure provisions are built into the deal contract. "The state can take certain action unilaterally in an emergency," he added, noting that torrential rain is what caused the bridge to fall. "The contract not only provides for these circumstances, it also provides for how the trust would be paid. We're comfortable with this situation," Minerva said.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.