Fitch affirms Transurban Finance

Fitch Ratings said it affirmed the A- long-term rating on Transurban Finance Co. Pty Ltd.'s unenhanced senior secured debt issues, and assigned an A- rating to a new A$600 million unenhanced senior secured bank facility provided by a syndicate of Australian and international banks. Fitch also said it maintains an AAA rating on the company's credit-wrapped senior secured notes, which carry a financial guarantee from MBIA Insurance Corp., rated insurer financial strength AAA.

The outlook has been revised to stable from negative.

The underlying ratings recognize the continuing financial robustness and the cash flow strength of the underlying portfolio of mature toll road assets in Melbourne and Sydney, Fitch said.

The ratings also consider the expectation of sustained revenue growth from the existing portfolio and future revenue streams from strategic diversifications, the agency added.

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