S&P stabilizes Autopistas Metropolitanas view

S&P said it revised the outlook for Autopistas Metropolitanas De Puerto Rico LLC to stable from negative and affirmed the BBB- rating on its senior secured notes.

“The stable outlook on Autopistas Metropolitanas reflects its resilient traffic and toll revenue performance amid the pandemic. We have muted growth assumptions in our forecast, despite past traffic growth, to reflect the risks of a weak economy. The project's resilience to weather- and protest-related disruptions in 2017-2019 suggest it has some resilience to withstand exogenous one-time shocks,” the agency said in a press release.

Citing the pandemic, S&P said it had expected the weakest year to be in 2021, though the actual debt-service coverage ratio was stronger at 1.51x against 1.26x projected.

“We now expect a minimum DSCR of 1.55x in 2027,” the agency said.

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