Fitch: Brazilian Toll Road Concessionaires - 2015 Peer Review

SAO PAULO & NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has released its Special Report 'Brazilian Toll Road Concessionaires - 2015 Peer Review' which highlights financial metrics and the key rating factors detailed in its sector criteria.

As part of its peer review process, Fitch has affirmed all its ratings of Brazilian toll roads, changed the Rating Outlook of specific transactions, and assessed the key rating factors according to the applicable criteria. The Outlook changes included:

--Triangulo do Sol Auto-Estradas S.A. (rated 'AA(bra)'); Outlook revised to Stable from Positive.

--Rodovias das Colinas S.A. (rated 'AA(bra)'); Outlook revised to Stable from Positive.

The Outlook revisions to Stable reflect Fitch's view that 2015 will be the trough of the economic cycle, with a recovery from 2017 onwards. In case the economic negative cycle persists beyond 2016, negative rating actions could be taken on the rated debentures.

The Special Report is based on the global criteria 'Rating Criteria for Toll Roads, Bridges and Tunnels', available at www.fitchratings.com, and describes the five key rating factors: completion risk, revenue risk - volume, revenue risk - price, infrastructure/renewal, and debt structure. The related attribute assessments are 'stronger,' 'midrange,' and 'weaker'.

In addition, the information supporting each assessment is described for each rating action released by Fitch during the year.

Additional information is available at www.fitchratings.com

Applicable Criteria and Related Research:

- Rating Criteria for Infrastructure and Project Finance (28 September 2015);

- National Scale Rating Criteria (30 October 2013)

- Rating Criteria for Toll Roads, Bridges and Tunnels (29 September 2015)

- '2015 Global Infrastructure & Project Finance Midyear Outlooks' (14 September 2015)

- 'On the Road: Toll Road Performance in Brazil (Operating Profiles and Leverage)' (11 June 2015)

- 'Law Raises Brazilian Toll Road Concessionaire Risk' (11 March 2015)

- 'Evolving Role of BNDES and Infrastructure Debentures (Pluses/Minuses of Structural Features of BNDES Cofinancings)' (31 July 2014)

Brazilian Toll Road Concessionaires (2015 Peer Review)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=874922

Applicable Criteria

National Scale Ratings Criteria (pub. 30 Oct 2013)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=720082

Rating Criteria for Infrastructure and Project Finance (pub. 28 Sep 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=870967

Rating Criteria for Toll Roads, Bridges and Tunnels (pub. 29 Sep 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=870170

Related Research

On the Road: Toll Road Performance in Brazil (Operating Profiles and Leverage)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867130

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View source version on businesswire.com: http://www.businesswire.com/news/home/20151209006200/en/

Fitch Ratings
Bernardo Costa, +55-11-4504-2607
Senior Director
Fitch Ratings Brasil Ltda.
Alameda Santos, 700 - 7o andar - Cerqueira Cesar
Sao Paulo - SP - CEP: 01418-100
or
Alessandra Braga, +55-11-4504-2203
Analyst
or
Mariana Rigon, +55-11-3957-3651
Associate Director
or
Media Relations:
Alyssa Castelli, +1-212-908-0540
New York
[email protected]

Source: Fitch Ratings

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