We expect Peruvian-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 affirming the 'BBB' rating on the project's senior secured notes. The outlook is stable. The stable outlook reflects cash flow stability that the concession contract provides, which should result in an average debt service coverage ratio (DSCR) of 1.37x and a minimum of 1.3x through the bonds' term. In April 2016, Abengoa Transmision Sur S.A. (the project) changed its name to ABY Transmision Sur S.A. This change has no impact in the ownership or shareholding structure. On March 15, 2017, S&P Global Ratings affirmed its 'BBB'
