Operating and financial performance of Peruvian-based electricity transportation company, ATS, remained in line with our expectations. We are affirming our 'BBB-' rating on the project's senior secured notes. The stable outlook reflects the stability of the cash flow that the concession contract provides, which should result in an average DSCR of 1.35x and minimum DSCR of 1.27x through the notes' term. On May 19, 2015, Standard&Poor's Ratings Services affirmed its 'BBB-' rating on Abengoa Transmision Sur S.A.'s (ATS's) $432 million senior secured notes due 2043. The outlook remains stable. ATS won a 30-year concession contract to build, own, operate, and transfer (BOOT) a power transmission project in central and southern Peru in 2010. Abengoa S.A. (B/Positive/B), through its
