S&P: Metropolitanas de Puerto Rico notes BBB-

Standard & Poor's said it assigned a BBB- rating to Autopistas Metropolitanas de Puerto Rico LLC's $435 million senior secured notes due 2035.

The outlook is stable.

The rating reflects the long operating history of the toll road with steady revenue growth and an experienced operator, said Jodi Hecht, an S&P analyst.

These are somewhat offset by the company's traffic and revenue risk, dependence on revenue growth to cover escalating and uneven annual debt-service requirements and its leveraged financial profile, Hecht said.

The project's strengths include its 40 years of operating history and its role serving about one-third of the island's population and the main employment corridor of San Juan, the capital and largest city, S&P said.

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