S&P: Pasajeros Metro notes A+

S&P said it affirmed the A+ corporate credit and issue-level ratings on Empresa de Transporte de Pasajeros Metro SA.

The agency also said it assigned an A+ rating on the company's proposed 30-year unsecured notes for up to $500 million.

S&P also said it revised the company’s stand-alone credit profile assessment to BB- from BB.

The outlook remains stable.

The proceeds will be used to fund construction and debt refinancing, the agency said.

The ratings reflect the social, economic and political importance of the company's public service mandate, which lends to the extremely high likelihood that the company will receive extraordinary support from its owner, the Chilean government, if needed, S&P said.

The company plays a critical role as the largest provider of public transportation in Santiago, servicing more than 60% of its commuters, the agency said, and has the largest coverage grid that connects 21 of Santiago's 34 districts.

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