S&P rates Autopistas notes BBB-

S&P said it assigned a BBB- rating to Autopistas Metropolitanas de Puerto Rico LLC's new $181 million private placement notes due 2038.

The notes will be used to partially refinance the company's term loan A due 2022.

The BBB- rating on the company's existing bonds is unchanged.

The outlook is negative.

Autopistas has performed in line with its financial forecast despite the devastation of Hurricane Maria in 2017, S&P said.

The negative outlook reflects uncertainty about whether the toll road can continue to attract users and pass on future toll-rate increases, which will depend on the island's ability to resuscitate its flagging economy, the agency said.

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