Fitch acts on two Colombian tolls

Fitch Ratings said it placed PA Autopista Rio Magdalena's (ARM) COP 915.5 billion UVR notes and COP 278 billion UVR loan BB+ and AA+(col) ratings on rating watch negative and affirmed PA Concesion Ruta al Mar's (RAM) COP 522 billion UVR notes at BB+ and AA(col). The outlook is stable.

“The rating actions reflect the projects' varied exposure to the credit quality of Construcciones El Condor, SA (El Condor), who has signed engineering, procurement and construction (EPC) contracts with RAM and, in consortium with Constructura Meco SA Sucursal Colombia (Meco, rated BBB+(pan)/RWN), with ARM. During the completion phase, the projects are exposed to the credit quality of their EPC contractors, including El Condor. On Jan. 19, 2022, Fitch downgraded its national rating on El Condor to 'BBB-(col)' from 'BBB+(col)' and placed it on rating watch negative,” the agency said in a press release.

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