...+ On April 4, 2019, S&P Global Ratings assigned its '###-' rating to Autopistas Metropolitanas de Puerto Rico LLC's new $181 million private placement notes due 2038 that are being used to partially refinance the term loan A, due 2022. The '###-' rating on Autopistas Metropolitanas de Puerto Rico LLC's existing bonds is unchanged. The outlook on the debt is negative. + Autopistas has performed in line with our financial forecast, despite the devastation of Hurricane Maria in 2017. Traffic and toll-road revenues for 2018 are closely tracking our base case and credit metrics continue to support the rating because the project is steadily deleveraging. + We have assumed flat traffic transactions after 2022, but a further downward revision in our traffic forecast in the area of 15% could trigger a downgrade. + The negative outlook reflects uncertainty about whether the toll road can continue to attract users and pass on future toll-rate increases, which will depend on the island's ability to...
