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S&P gives ENA Master bonds BBB+
S&P said it assigned a BBB+ rating to ENA Master Trust’s planned $400 million of senior secured bonds due 2048.
“The rating of BBB+ mainly reflect the moderate complexity of the road, which includes large bridges that require periodic maintenance, reflected in an asset class stability score of 3 (on a scale of 1 to 10, with 1 as the strongest),” S&P said in a press release.
The project will use around 80% of the proceeds to refinance the outstanding notes issued by ENA Sur Trust and ENA Este Trust, which in turn are the owners of the concessions, Corredor Sur (ENA Sur) and Corredor Este (ENA Este). The remainder will be used for other general purposes.
The outlook is negative.
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