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Spanish Autovia de la Mancha Underlying Debt Rating Lowered To 'BB-' On Increasing Toll Arrears; Outlook To Developing Dec 11 Product Image

Spanish Autovia de la Mancha Underlying Debt Rating Lowered To 'BB-' On Increasing Toll Arrears; Outlook To Developing Dec 11

  • Published: December 2011
  • Standard & Poors

Abstract
Spanish shadow toll-road project company has experienced increasing payment arrears since March 2011, and we now expect them to reach an all-time high, corresponding to 10 months of outstanding payments by the end of 2011. The recently elected government of Castile La Mancha (CLM), the concession's grantor, has expressed its intention to eliminate the outstanding payment arrears to Aumancha and restore punctual payments from 2012. However, in our opinion, CLM's ability to achieve this could be constrained by the increasingly challenging economic prospects for the region of CLM and Spain as a whole. As a result, we are lowering the underlying long-term debt rating on the -110 million senior secured amortizing loan to Aumancha to 'BB-' from 'BB+', and revising...

Companies mentioned in this report are: Autovia de la Mancha, S.A.
Action: Downgraded
Action: Outlook: Developing

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Autovia de la Mancha, S.A.

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