S&P pulls two Chilean roads from watch

S&P said it removed the ratings for two Chilean toll road companies from CreditWatch with negative implications.

The agency also affirmed the its BBB- debt rating on Sociedad Concesionaria Vespucio Norte Express SA (VNE) and its A- debt rating on Sociedad Concesionaria Autopista Central SA.

The outlook on VNE is negative. “Although traffic volume decreased about 45% during the lockdown versus our expectations of 55%, we now project a slightly steeper traffic drop by the end of the year in line with the recent track-record,” S&P said in a press release.

For Autopista Central, S&P assigned a stable outlook. The outlook reflects S&P’s forecast the project will maintain a robust financial performance in the next 12-18 months, although it still forecasts a drop in traffic of about 22% for this year and a rate revision on a quarterly basis, the agency said.

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