Moody's shifts ENA Norte view to stable

Moody's Investors Service said it changed ENA Norte Trust's outlook to stable from negative and affirmed the Baa3 rating of its senior unsecured notes due 2028.

“Moody's notes that ENA Norte registered an important recovery during 2021, in which traffic increased by 36.3% leading to a recovery of the toll road's cash generation to meet debt service payments. As a result of the improved performance, the available cash throughout 2021 covered roughly $29 million of debt principal payments. Moody's expects that traffic performance will continue improving by 16% in 2022, leading to a notable recovery in credit metrics. As such, the debt-service coverage ratio (DSCR) will likely return to 1.03x in 2022, compared to 0.87x in 2021, and the debt to operating revenue ratio will decrease to 3.54x in 2022 from 4.71x in 2021,” the agency said in a press release.

The stable outlook reflects expectations that traffic and revenue will continue recovering, resulting on a sustainable strengthening of the toll road's liquidity position and financial performance, Moody’s said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.