Despite the slow pace of Brazil's economic recovery, we expect Brazil-based transportation infrastructure operator Invepar's EBITDA to strengthen until it reaches about R$1.3 billion in 2017, driven by a slight recovery in traffic levels from all its operating assets. We're affirming our 'BB-' global scale and 'brA-' national scale ratings on Invepar and its subsidiaries. The stable outlook reflects our expectation that the group will continue to post a gradual improvement in EBITDA margins. On Aug. 1, 2017, S&P Global Ratings affirmed its 'BB-' global scale and 'brA-' national scale corporate credit ratings on Investimentos e Participacoes em Infraestrutura S.A. – Invepar. The outlook is stable. At the same time, we affirmed our 'brA-' national scale corporate credit and issue-level
