On Dec. 14, 2022, S&P Global Ratings published its revised criteria for rating project finance transactions, "General Project Finance Rating Methodology" and "Sector-Specific Project Finance Rating Methodology," and placed the ratings on several project finance issues under criteria observation (UCO). We completed our review of the issue-level rating on Autopistas Metropolitanas de Puerto Rico LLC, which we had placed on UCO. We raised our issue-level rating on Autopistas Metropolitanas to 'BBB' from 'BBB-' and removed it from UCO. The outlook is stable. Autopistas Metropolitanas consists of the PR-22 and PR-5 toll highways, a network of flat roads, 127 simple bridges, and seven toll plazas serving the largely urbanized northeastern and northwestern regions of Puerto Rico near its capital, San Juan.
