S&P gives ENM Master Trust notes BBB+

S&P said it assigned its preliminary BBB+ issue-level rating to ENA Master Trust's dollar-denominated senior secured bonds due 2048.

“The preliminary 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). Moreover, we believe the project is exposed to a low market risk because we expect cash flows to vary 15%-30% during the debt's term, which we attribute to the inherent traffic volatility on these roads mainly due to the competition from alternative free roads,” S&P said in a press release.

The outlook is negative.

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