S&P affirms ENA Norte notes

S&P said it affirmed its BBB rating on ENA Norte Trust's senior secured notes due 2028.

The outlook remains stable.

The agency said the affirmation reflects expectations that ENA Norte will continue to post a solid financial performance thanks to projected traffic increases and stable operating costs.

“We believe that traffic levels will continue to grow in the next two years at an annual 6% rate, as a result of limited competition, because the works conducted to build the line II of Panama Metro affect alternative roads,” S&P said in a news release.

“The traffic volume is also likely to rise because of our expectations of solid economic growth in Panama in the upcoming years, which we believe will also bolster motorization rates in Panama City.”

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