...Fitch Ratings has affirmed Intervial Chile S.A.' s (Intervial) Long-Term Issuer Default Rating (IDR) at 'BBB-'. The Rating Outlook is Stable. The rating reflects Intervial's diversified concession portfolio in Chile, Colombia and Panama, comprising mature, strategically located assets with stable traffic. Regulatory frameworks are robust and have a positive track record. Tariffs and availability payments are adjusted for inflation. New concessions will require capital expenditures (capex) over the next few years, but regulatory deadlines are clear and execution remains flexible. Most consolidated debt is held at the operating companies, with the remainder at Intervial. Fitch expects Intervial to fund capex with short-term debt and refinance it at the operating companies upon project completion. Refinancing risk is manageable, given the company's market access. Under Fitch's rating case, net leverage peaks at 5.8x in 2026 and declines to 3.4x by 2031, no major disruption to current assets....
