Fitch downgrades ENA Este

Fitch Ratings said it downgraded the ratings on ENA Este Trust to BB- from BBB- and to A(pan) from AA+(pan).

The agency also said it downgraded ENA Norte Trust’s ratings to BB+ from BBB and to AA-(pan) from AAA(pan).

Fitch also said it affirmed ENA Sur Trust’s ratings at BBB and AAA(pan).

The affirmed rating on ENA Sur reflects the fact that the company’s robust debt structure has allowed it to benefit from past positive performance and to deleverage to a point where it has no dependence on future traffic growth, the agency said.

The downgrades are explained by the companies’ dependence on distributions from ENA Sur, which will be considerably lower and delayed in time, Fitch said.

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