Fitch rates Ellaktor notes BB

Fitch Ratings said it assigned an expected BB rating to Ellaktor Value plc’s proposed €600 million notes offering. The agency also assigned a BB rating to Ellaktor SA. Ellaktor Value is a wholly owned subsidiary of Ellaktor, which will guarantee the notes.

“The rating reflects the diversified infrastructure business risk profile of the restricted group whose activities are concentrated in Greece. The concession business benefits from the essential infrastructure character of Ellaktor’s major and mature toll road concession Attiki Odos – a crucial ring-road around Athens. However, the traffic volatility has been high and tariffs flat. The ring road is highly cash-generative but has a short tenor,” said Fitch in a press release.

The outlook is stable.

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