Fitch rates Transurban Finance loan A-

Fitch Ratings said it affirmed Transurban Finance Co. Pty Ltd.'s senior secured bank debt and capital market facilities at A-.

Fitch also said it assigned an A- rating to Transurban's A$1.65 billion working capital facility.

The outlook is stable.

The ratings reflect the steady traffic growth of Transurban's road assets, although the strong performance is yet to be tested through a recession, Fitch said.

The ratings also consider the company's toll pricing, which is mainly linked to inflation in Australia, but uncapped on its two U.S. roads, the agency said.

Transurban's debt, which is covenanted and secured, is exposed to refinancing risk, Fitch said, but this is mitigated by a demonstrated record of capital market access.

The agency said it forecasts a five-year average debt-to-adjusted EBITDA ratio of 4.8x, which demonstrates reduced financial flexibility at the current rating level.

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