S&P shifts Autopistas Metropolitanas view to stable

S&P said it revised the outlook for Autopistas Metropolitanas De Puerto Rico LLC to stable from negative.

The revision of the outlook to stable from negative reflects the project’s demonstrated ability to generate positive traffic growth while implementing toll rate increases despite Puerto Rico’s economic and social difficulties.

“With the refinancing of the project’s bullet debt last year and another year of modestly favorable traffic performance, we view there to be some cushion in the rating. Traffic would need to decline 6%-15% from our base case (depending on liquidity reserves) to trigger a downgrade. The project’s one-year debt service reserve continues to be a mitigant to any unexpected sharp downturn in traffic,” said S&P in a press release.

S&P affirmed its BBB- ratings on the project company’s notes.

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