Moody’s raises Auvisa loan, bonds to B3

Moody's Investors Service said it upgraded the ratings on the €103 European Investment Bank loan facility due 2030 (the EIB loan) and the €64.1 million bonds due 2027, both raised by Autovia de los Vinedos SA (Auvisa) in October 2004, to B3 from Caa1.

The outlook was changed to stable from positive.

The EIB loan and bonds rank pari passu senior secured. The EIB loan benefits from unconditional and irrevocable guarantee of scheduled principal and interest under a financial guarantee insurance policy issued by Syncora Guarantee (U.K.) Ltd. (SGUK, unrated).

Moody’s said the upgrade reflects the four-year track record of timely payments from the offtaker and an improvement in the underlying economics of the projects following a significant increase in its traffic volumes in the last two years.

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