Fitch might lower Autopistas del Sol notes

Fitch Ratings said it placed the BB rated international notes of Autopistas del Sol SA on rating watch negative.

The agency said the rating watch negative follows Fitch's recent action on Costa Rica's sovereign rating and reflects the toll road's exposure to Costa Rica's economic conditions and links to the sovereign's credit quality through the minimum revenue guarantee mechanism.

The negative watch on Costa Rica's ratings reflects acute financing constraints facing the sovereign, which pose risks in its ability to meet budgetary obligations and debt maturities for the remainder of 2018, including a loan from the central bank, Fitch said.

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