Fitch cuts Autopistas del Sol notes to B

Fitch Ratings said it downgraded the rating on the international notes of Autopistas del Sol, SA (AdS) to B from B+, and removed it from rating watch negative. Fitch assigned a negative outlook to the notes.

Additionally, Fitch maintained the AA(cri) national scale rating on AdS’ local notes on rating watch negative.

“The downgrade and negative outlook follows Fitch’s recent action on Costa Rica’s sovereign ratings and also reflect the toll road’s exposure to the country’s economic conditions and links to the sovereign credit quality through the minimum revenue guarantee (MRG) mechanism. On May 8, 2020, Fitch downgraded Costa Rica’s ratings to B with a negative outlook,” the agency said in a press release.

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