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S&P trims ENA Sur Trust notes
S&P said it lowered the rating on ENA Sur Trust’s $170 million of notes to BBB- from BBB and placed the rating on CreditWatch with negative implications.
“The rating action reflects our expectations of a sharp decline in traffic, and consequently, in toll collection during 2020. We believe such restrictions will be in place until May. Therefore, we expect an annual decline of 35% in traffic level in 2020 and revenue losses of $30 million,” said S&P in a press release.
The CreditWatch indicates S&P could lower the rating again with three months if mobility restrictions continue beyond two more months, the agency said.
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