S&P slashes ENA Norte Trust

S&P said it lowered its rating for ENA Norte Trust’s 4.95% notes due April 2028 to CCC+ from BB-

“We revised down our base-case traffic growth assumptions for the coming four years, and we forecast cash flow available for debt service and existing liquidity reserves will be insufficient to pay down all debt on the April 25, 2028, maturity date, exposing the project to refinancing risk. We estimate a gross shortfall of $25 million-$30 million,” the agency said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.