Moody’s ups Auvisa facility, bonds

Moody's Investors Service said it upgraded Autovia de Los Vinedos, SA’s (Auvisa) €103 million European Investment Bank loan facility due 2030 and €64.1 million underlying bonds due 2027 to B1 from B3.

The outlook remains stable.

The EIB loan and bonds rank pari passu senior secured.

Moody’s said the assigned B1 ratings reflect Auvisa's credit profile on a stand-alone basis as neither the EIB loan nor the bonds no longer benefit 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).

“The ratings upgrade mainly reflects the recent agreement signed with the controlling creditors which strengthens the effectiveness of the distribution lock-up criteria under the financing documents, which in the past Moody's considered as a material weakness in the structure,” the agency said in a news release.

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