Research Update: Nouvelle Autoroute 30 S.E.N.C. Debt Ratings Affirmed On Revised Criteria; Outlook Remains Negative

On Dec. 14, 2022, S&P Global Ratings published its revised criteria for rating project finance transactions, "General Project Finance Rating Methodology" and "Sector-Specific Project Finance Rating Methodology." We have completed the review of Nouvelle Autoroute 30 S.E.N.C. (A30 Express) under our revised methodology. We affirmed the senior secured debt ratings at 'BBB+'. The outlook remains negative, which we may revise as early as this year if we think that the project's operations and maintenance costs (O&M) costs are sustainable and that its traffic will continue to stabilize following the pandemic in line with our expectation. A30 Express operates and maintains 42 kilometers (kms) of greenfield development (including the 2.0-km tolled Serge Marcil bridge), completed in 2012 to relieve congestion and

...- On Dec. 14, 2022, S&P Global Ratings published its revised criteria for rating project finance transactions, "General Project Finance Rating Methodology" and "Sector-Specific Project Finance Rating Methodology." - We have completed the review of Nouvelle Autoroute 30 S.E.N.C. (A30 Express) under our revised methodology. We affirmed the senior secured debt ratings at '###+'. - The outlook remains negative, which we may revise as early as this year if we think that the project's operations and maintenance costs (O&M) costs are sustainable and that its traffic will continue to stabilize following the pandemic in line with our expectation....

Research Update