Ciao Gion.. che rating ci vedi per questa autopista??
AO PAULO (Standard & Poor's) May 14, 2013--Standard & Poor's Ratings Services says the overall credit quality of rated Latin American infrastructure transactions remains sound, according to a report published today on RatingsDirect, titled "Latin American Infrastructure Credit Quality Remains Healthy." The economies of Latin America have been fairly resilient during the last few years despite a global economic slowdown, very modest recovery in some regions, and significant uncertainty.
Operating and financial performance continue to be in line with, or slightly
above, expectations for most of the portfolio. "Since October 2012, our rated portfolio has risen by 6%," said Standard & Poor's credit analyst Pablo Lutereau.
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Autopistas del Sol S.A.(national scale: raBBB/Negative/--)
As a consequence of the most recent 20% on average toll increases approved by the national government in late 2011 and in April 2012, Ausol's revenues increased 39% and its EBITDA 14% in 2012. Cash flow generation should benefit from the 9.2% toll increase applied Jan. 1, 2013. However, we don’t forecast further toll increases, due to its discretionary status and the pending renegotiation of its concession contract and subsequent establishment of a clear tariff adjustment mechanism. Assuming inflation remains around 25%, we expect EBITDA margins to deteriorate from 2013 onwards. We believe EBITDA generation will range from $65 million to $75 million for the next two years, which should allow Ausol to address interest payments, debt maturities and capital expenditures.