S&P ends watch on ENA Norte Trust

S&P said it affirmed the BB- rating on ENA Norte Trust’s senior secured notes due 2028 and removed it from CreditWatch, where it was placed with negative implications on Feb. 27, 2023. The outlook is stable.

“Considering our higher GDP growth forecast for Panama, we now expect ENA Norte's traffic volume to grow 9%-11% in 2023 and around 5% annually thereafter, compared with our last projections of 6%-8% in 2023 and 2024, 5%-7% in 2025, and 4.5% thereafter. This would lead to principal payments of $44 million to $45 million in 2023 and $47 million to $49 million in 2024. Therefore, we now forecast the project would repay the total outstanding notes in January 2028, one quarter before legal maturity (which was our previous base-case scenario),” the agency said in a statement.

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