We think the operating performance of port operator EP Bco S.A. could weaken due to ongoing global trade turbulence and the rising risk that these will hinder European and global economies, particularly China. This situation may ultimately affect ports' traded volumes and profitability. Although EP BCo?s first-quarter results are supportive and direct exposure to the U.S. remains relatively limited, we base the 'BB-' long-term issuer credit rating on significant growth expectations that global economic deterioration could hinder. We view as limited the financial cushion within the rating to absorb underperformance. Therefore, we placed our long-term issuer credit rating and issue ratings on the company on CreditWatch with negative implications. We could lower the ratings if the heightened market volatility persists
