S&P affirms Empark

S&P said it affirmed its BB long-term corporate credit rating on Empark Aparcamientos y Servicios, SA (Empark).

The outlook is stable.

At the same time, S&P affirmed its BB issue ratings on the €235 million secured fixed-notes due December 2019 and the €150 million secured floating-rate notes due December 2019. The recovery rating is unchanged at 4, reflecting an expectations of average (30%-50%; rounded estimate: 45%) recovery.

“The revision of the business risk profile assessment reflects our opinion of Empark's relatively small size and small diversification compared with other transportation infrastructure peers,” S&P said in a news release.

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