Research Update: Nouvelle Autoroute 30 S.E.N.C. Outlook Revised To Stable From Negative On Solid Traffic Growth; 'BBB+' Rating Affirmed

S&P Global Ratings affirmed its 'BBB+' rating on Nouvelle Autoroute 30 S.E.N.C.'s (A30 Express) C$1.2 billion senior secured notes, which comprise C$382.7 million of series A notes due June 2042, C$445.6 million of series B notes due March 2042, C$211.2 million of series C notes due March 2033, and C$179.2 million of series D notes due December 2032. At the same time, we revised our outlook on the project to stable from negative because the two main risks we flagged when revising the outlook to negative (traffic reductions during COVID-19 and the increased costs to self-perform its operations and maintenance [O&M] following the loss of the O&M operator) have substantially declined. The project experienced a 30% fall in its light-traffic

...- S&P Global Ratings affirmed its '###+' rating on Nouvelle Autoroute 30 S.E.N.C.'s (A30 Express) C$1.2 billion senior secured notes, which comprise C$382.7 million of series A notes due June 2042, C$445.6 million of series B notes due March 2042, C$211.2 million of series C notes due March 2033, and C$179.2 million of series D notes due December 2032. - At the same time, we revised our outlook on the project to stable from negative because the two main risks we flagged when revising the outlook to negative (traffic reductions during COVID-19 and the increased costs to self-perform its operations and maintenance [O&M] following the loss of the O&M operator) have substantially declined. - The project experienced a 30% fall in its light-traffic volumes during 2019 and 2020. However, its traffic has rebounded strongly over the last three years. A30 Express' car traffic reached 99% of its peak 2018 levels, and 2% above its 2019 levels, in 2023. In addition, the project's truck traffic remained...

Research Update