S&P shifts Transjamaican view to stable

S&P said it changed Transjamaican Highway Ltd.’s outlook to stable from negative and affirmed its notes’ B+ rating.

The outlook revision and rating affirmation follow a similar action by S&P on Jamaica, the agency said.

“Because of the regulated nature of the project, we believe that a hypothetical negative government intervention in the case of a sovereign default could impair its cash flows. Therefore, we cap our ratings on the project at the sovereign level. As a result, we revised the outlook on the project's $225 million senior secured notes to stable, reflecting that on Jamaica,” S&P said.

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