Fitch revises Pasajeros Metro view to negative

Fitch Ratings said it revised Empresa de Transporte de Pasajeros Metro SA's outlook to negative from stable. Also, Fitch has affirmed Metro's long-term issuer default rating at A and local currency IDR at A+. Metro's two international bonds due in 2024 and 2047 are rated A.

Metro's negative outlook reflects Fitch's action on the sovereign on March 12, when it affirmed Chile's foreign currency IDR at A and revised the outlook to negative. This action reflects significant deterioration in Fitch's baseline scenario for lower growth prospects and higher fiscal deficits and debt levels following the social unrest that began in mid-October, the agency said.

The outlook revision also reflects further downside risks posed by a more uncertain local political environment and global economic situation.

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