On March 24, 2022, S&P Global Ratings affirmed its 'CCC+' ratings on Brazil-based transportation infrastructure group Investimentos e Participacoes em Infraestrutura S.A. – Invepar (Invepar). The outlook remains stable. E-2, S-3, G-5 (health and safety; risk management, culture and oversight) Given that we reassessed Invepar's credit quality on Jan. 19, 2022, after the partial completion of its debt restructuring, we're now assigning our E-2, S-3, and G-5 ESG credit indicators on the group. Governance factors are a very negative consideration in the credit analysis of Invepar. We believe the group's aggressive stance on risk management, particularly on refinancing risk took a toll on its credit quality during the past few years. As a result, we assess the group´s capital structure
