S&P puts Ausol on watch

S&P said it put Autopista del Sol Concesionaria Espanola SA’s BBB ratings on CreditWatch with negative implications due to uncertainty regarding the disposal process of the services division of Ausol’s parent company, Ferrovial SA.

The CreditWatch placement follows an action on Ferrovial on April 11. S&P’s view is that a positive or negative rating action – likely limited to one notch – could occur in the next three to six months.

The Spanish toll road operator issued a €467 million fixed-rate senior secured bond and a €40 million senior secured note, both due Dec. 30, 2045. Ausol used the proceeds to refinance debt incurred for the construction, operation, and maintenance of a 96-kilometer section of the motorway between Malaga and Guadiaro in southeastern Spain, S&P said in a news release.

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