Fitch rates Autopistas del Sol notes BB

Fitch Ratings said it assigned an expected rating of BB on the international notes that Autopistas del Sol SA intends to place in the international markets.

The outlook is stable.

Fitch also said it affirmed the rating at AA(cri) for the series 2017-A-CR notes that will be placed in the local market of Costa Rica.

The ratings reflect the asset's stable traffic and revenue profile, supported by an adequate toll adjustment mechanism, the agency said.

Mostly used by commuters, the project may face significant competition in the short- to medium-term in case the main competing road is substantially improved and its tariff is significantly lower than that of the project, Fitch said.

Toll rates are adjusted quarterly to exchange rate and annually to reflect changes in the U.S. Consumer Price Index (CPI), the agency explained.

The ratings also reflect the fully amortizing senior debt with a fixed-interest rate and a net present value cash trap mechanism, Fitch said.

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