Fitch ends watch on Ruta al Mar

Fitch Ratings said it affirmed PA Concesion Ruta al Mar's UVR-denominated senior secured notes for COP 522 billion due in 2044 at BB+ and AA(col) and removed the ratings from rating watch negative. The Rating Outlook is Stable.

“The affirmation and removal from RWN reflects Fitch's alleviated concerns with respect to Ruta al Mar's exposure to the deteriorated credit quality of its contractor El Condor. As of Dec. 31, 2023, construction works have reached a 93.8% overall advance, which becomes close to 98% if UF 7.1 (Lorica) is excluded.

“Despite delays are expected to endure, these are backed by Liability Exoneration Events (LEEs), so there are no construction works to be made at the moment. Remaining equity contributions from El Condor, which are COP 22 billion are secured with letters of credit (LOCs) in force and metrics remain consistent with the current rating,” Fitch said in a press release.

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