...- Traffic on toll road Autopistas Metropolitanas recovered to pre-pandemic levels at the end of 2021 and omicron's impact is beginning to fade. Our forecast continues to cautiously assume a flat traffic profile, with 2022 traffic 2.5% below 2019, negative growth of 0.25% in 2023, and stabilizing thereafter. - Debt will be fully repaid by 2038, which somewhat mitigates the project from Puerto Rico's long-term climate-related risk. We also see upward rating momentum to be limited due to weak economic indicators, though the road has a strong position as one of the island's essential transportation corridors, with no real alternative routes for its commuters. - We affirmed our '###-' rating on Autopistas Metropolitanas de Puerto Rico LLC's senior secured notes and revised the outlook to stable from negative. - The outlook revision reflects the resilience of traffic and toll revenue performance through the pandemic. Longer term, the island continues to face socioeconomic challenges....
