Fitch affirms Autoroutes Paris-Rhin

Fitch Ratings said it affirmed Autoroutes Paris-Rhin-Rhone SA's (APRR) long-term issuer default rating and senior unsecured rating at A- and short-term issuer default rating and senior unsecured ratings at F2.

The outlook is stable.

“The ratings reflect the traffic resilience of APRR's mature and strategically located network and a supportive regulatory framework providing high visibility on future tariff increases,” Fitch said in a news release.

“APRR's bullet and uncovenanted debt structure is a weakness, but we believe this is offset by the company's diversified maturities, well-established access to capital markets and robust liquidity position covering the next two years of debt maturities.

“Compared with Autostrade per l'Italia (Aspi, A-/RWN), APRR's traffic resilience makes up for the company's higher leverage.”

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