...- On May 20, 2019, S&P Global Ratings assigned its preliminary '###-' rating to Autopistas Metropolitanas de Puerto Rico LLC's new $120 million 7% senior secured notes due December 2038. The project will use the proceeds from the proposed issuance to refinance its entire remaining ($116 million) term loan A due 2022. At the same time, we affirmed our '###-' rating on its existing $435 million 6.75% senior secured notes due June 2035 and $181 million 7.5% senior secured notes due December 2038. Our outlook on the debt is negative. - The proposed issuance is credit positive because it eliminates the toll road's refinancing risk, which is favorable considering the island's economic uncertainty and its impact on road users. Under the proposed issuance, all project debt is amortizing and--with all of its debt maturing no later than 2038--Autopistas benefits from a considerable equity tail of about 23 years (the concession expires in 2061). - Despite a toll rate increase of 7% and the island's...
