S&P rates Invepar notes brA+

Standard & Poor’s said it affirmed the BB global scale and brAA- national scale rating on Investimentos e Participacoes em Infraestrutura SA (Invepar).

S&P also said it assigned a brA+ rating to Invepar’a proposed R$2 billion nine-year senior secured debentures issuance.

The outlook is stable.

The agency also said it affirmed the brAA- national scale corporate credit and issue-level ratings on Invepar’s toll road, Concessionaria Auto Raposo Tavares SA (CART).

The ratings reflect the strong growth prospects of its portfolio of assets while the company invests in several concessions in toll roads, subways and airports, including the subway in the city of Rio de Janeiro and Latin America’s largest airport, Aeroporto Internacional de Sao Paulo – Andre Franco Montoro, the agency said.

Even though the development of its portfolio of nine operating assets and five shared-control partnerships continue to pressure Invepar’s credit metrics, its main assets are well structured and will start to generate cash flows in the next two years, S&P said.

The company’s ratings also consider the benefits of operating a diversified portfolio of transportation infrastructure projects in Brazil as the regulatory and concession frameworks have proven to be fairly stable, the agency said.

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