S&P changes Granvia view to negative

S&P said it affirmed its A- rating on the €1,242,700,000 fixed-rate senior secured bonds due in September 2039 issued by Granvia AS.

At the same time, the agency revised the outlook on the bonds to negative from stable.

The proceeds refinanced the senior secured loan incurred by the company in relation to its 30-year concession with the Ministry of Transport, Construction, and Regional Development to design, build, operate and manage 51.6 kilometers of the R1 Expressway, in the southwest of Slovakia.

“The outlook revision reflects our increasing uncertainty as to whether the project can remain within its maintenance expenditure budget and therefore maintain coverage ratios in line with our expectations over the terms of the debt,” S&P said in a news release.

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