Moody’s upgrades Brisa

Moody's Investors Service said it upgraded the senior secured debt ratings of Brisa-Concessao Rodoviaria, SA to Baa3 from Ba1.

The action was prompted by improving traffic trends and the increased likelihood that the company will be able to successfully de-lever over the medium-term.

Concurrently, the agency upgraded the provisional rating on the €3 billion medium-term note program to Baa3 from Ba1.

The outlooks are stable.

Moody’s said the action reflects the positive traffic trends observed on Brisa’s motorway network, which should be supportive of the company's deleveraging over the medium-term and will result in financial ratios commensurate with an investment grade rating. The upgrade further reflects the agency’s expectation that the company will be able to demonstrate credit metrics consistent with the terms of its financing structure and it will continue to maintain a strong liquidity position.

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