We expect Peru-based electricity transportation company ABY Transmision Sur S.A. (ATS) to maintain solid operating and financial performance as a result of high availability levels and tariff increases in line with inflation. We are raising the rating on the project's senior secured notes to 'BBB' from 'BBB-'. The outlook is stable. The stable outlook reflects the stability of the cash flow that the concession contract provides, which should result in an average DSCR of 1.34x and a minimum DSCR of 1.29x through the remaining term of the bonds. In April 2016, Abengoa Transmision Sur S.A. changed its name to ABY Transmision Sur S.A. This change has no impact in the ownership nor the shareholding structure and therefore does not affect
