- Language: English
- Published: June 2013
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
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: Outlook: Developing
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
SHOW LESS READ MORE >
Autovia de la Mancha, S.A.
|Electronic||The report will be emailed to you.|