S&P affirms Autopistas Metropolitanas notes

S&P said it affirmed its BBB- issue rating on Autopistas Metropolitanas de Puerto Rico LLC's $435 million senior secured notes due 2035.

The project also has a $377 million bank loan due 2022 that is unrated.

The outlook remains negative.

The agency said it affirmed the rating because Autopistas has performed in-line with S&P’s financial forecast, despite the devastation of the hurricane.

“Traffic and toll-road revenues for 2017 are closely tracking our base case and credit metrics continue to support the rating because the project is steadily deleveraging,” S&P said in a news release.

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