Moody’s assigns ENA Master notes Baa1

Moody’s Investors Service said it assigned a Baa1 rating to the $400 million of notes due in 2048 issued by ENA Master Trust.

The notes are being issued to refinance the debt of ENA Sur Trust and ENA Este Trust, which are wholly owned subsidiaries of Empresa Nacional de Autopistas (ENA). ENA is a Panamanian corporation wholly owned by the Baa1-rated Panamanian government. Toll road revenues secure the bonds.

Concurrently, Moody’s assigned a negative outlook to the rating, which aligns with the government’s outlook.

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