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S&P lowers ENA Norte Trust
S&P said it lowered the rating on ENA Norte Trust’s $600 million of notes to BB+ from BBB, and kept the notes on CreditWatch with negative implications. S&P placed the rating on CreditWatch on April 6.
The agency said it updated its projections, and it forecasts a drop in traffic of nearly 40%, which mean higher operating expenses for ongoing maintenance work that is unlikely to be postponed.
“In our view, ENA Norte has sufficient liquidity to handle the shortfall due to the existence of a six-month debt service reserve account (DSRA) of about $8.3 million,” S&P said in a press release.
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