We expect that Peruvian electricity transmission company ABY Transmision Sur S.A. (ABY) will maintain solid operating and financial performances in the next few years, backed by the favorable concession agreement that stipulates annual fixed dollar-denominated payments based on its availability levels, which we project to be 98%. On Feb. 20, 2019, S&P Global Ratings affirmed its 'BBB' rating on ABY's senior secured notes due 2043. The stable outlook reflects the cash flow stability attributable to the nature of the asset, which should result in minimum and average debt service coverage ratios (DSCR) of around 1.30x in 2022 and 1.48x, respectively, during the life of the bond due in April 2043. ABY is a special purpose entity (SPE) that won a
