S&P changes Granvia outlook to positive

Standard & Poor's said it revised the outlook on the €1,242,700,000 fixed-rate senior secured bonds due 2039 issued by Granvia AS to positive from stable.

At the same time, the agency affirmed its long-term rating on the project's senior secured debt at BBB+. Over the 12 months to September 2014, Granvia has accepted 17 penalty points and maintained road availability in excess of 99%. The level of penalty points is a considerable reduction on the points applied in the initial period of operations and is also considerably below the concession default threshold of 300 penalty points in any 12-month period.

In S&P’s view, the reduced level of points reflects a maturing relationship between Granvia and the Ministry of Transport, Construction and Regional Development and an improving understanding between the parties of the key service delivery requirements.

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