Fitch revises Red de Carreteras view to stable

Fitch Ratings said it revised the outlook on the senior notes placed by Red de Carreteras de Occidente, SAB de C.V. in the international markets to stable from negative. Fitch also affirmed the BBB rating.

Fitch concurrently revised the outlook on the notes issued in the Mexican market in 2012, 2014, 2018 and 2019 to stable from negative. The agency also affirmed the AAA(mex) rating.

“The outlook revision reflects Fitch's alleviated concerns regarding the assets' full recovery to pre-pandemic traffic levels, which was achieved in 3Q21 and has been boosted by the performance of heavy vehicles. Fitch adjusted its cases to reflect the actual traffic performance as of September 2021 and updated expectations for future years, which resulted in higher credit metrics compared with the prior review,” the agency said in a press release.

Fitch said it also considered the new revolving credit facility for Ps. 2 billion that RCO entered in September in its evaluation.

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