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S&P cuts ENA Sur Trust notes
S&P said it downgraded ENA Sur Trust’s class A $170 of million notes to B from B+. S&P downgraded the notes to B+ from BBB- in May.
“We updated our projections for Panamanian toll road ENA Sur Trust (ENA Sur) to incorporate our expectation of a slower-than-expected traffic recovery for the second half of the year due to an extension of the lockdown. We now expect a traffic drop of about 45% in 2020 versus our previous expectations of 40%. On the other hand, we've seen that the project has managed to reduce and postpone part of the operating and capital expenditures (capex) in the first half of the year, but we don't expect that the lower costs will offset the reduction in revenues,” S&P said in a press release.
The notes remain on CreditWatch with negative implications.
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