Fitch rates Aenza, notes BB-

Fitch Ratings said it assigned a BB- rating to Aenza SAA’s planned sale of up to $350 million of senior secured notes due in 2029 or 2031.

The agency also assigned BB- foreign- and local-currency long-term issuer default ratings with a stable outlook.

“Leading infrastructure conglomerate in Peru, Aenza has a medium-sized scale and is diversified in terms of geography and services. Near 40% of its EBITDA comes from mature infrastructure concessions that will only expire in the medium to long term. The group owns majority stakes in toll roads, a subway line, and a wastewater treatment plant,” Fitch said in a press release.

The proceeds will be used to refinance debt, increase its economic stake in subsidiaries and for other corporate purposes.

The stable outlook incorporates the maintenance of a conservative capital structure, with net leverage below 2x over the next three years and considers that the company will be able to replenish its engineering and construction backlog and boost oil production, the agency said.

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