Invepar 'BB-' Ratings Affirmed And Off Watch Negative On Stabilizing Liquidity But Amid Operating Headwinds

The traffic performance of Invepar's assets has weakened at a steeper pace than we expected due to Brazil's recession, which we consider less resilient to downturns due to its relative early stage of development. The company recently signed a sales purchase agreement with Vinci to sell Línea Amarilla S.A.C. (LAMSAC) for about R$4.5 billion, which is likely to strengthen Invepar's liquidity position. GRU Airport obtained a waiver from the Brazilian Development Bank (BNDES) for the payment of its fixed grant fee until December 2016, which tempers the risk of the debt payment acceleration. We're affirming our 'BB-' global scale and 'brA-' national scale ratings on Invepar and its subsidiaries. We're also removing the ratings from CreditWatch with negative implications. The

...+ The traffic performance of Invepar's assets has weakened at a steeper pace than we expected due to Brazil's recession, which we consider less resilient to downturns due to its relative early stage of development. + The company recently signed a sales purchase agreement with Vinci to sell Lfnea Amarilla S.A.C. (LAMSAC) for about R$4.5 billion, which is likely to strengthen Invepar's liquidity position. + GRU Airport obtained a waiver from the Brazilian Development Bank (BNDES) for the payment of its fixed grant fee until December 2016, which tempers the risk of the debt payment acceleration. + We're affirming our '##-' global scale and 'brA-' national scale ratings on Invepar and its subsidiaries. We're also removing the ratings from CreditWatch with negative implications. + The stable outlook reflects our expectation that the company's margins will improve, while it consolidates the operations of its maturing assets, posting funds from operations (FFO) to debt of about 8% and FFO net...

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