Deutsche Asset Management to sell Autovia del Camino
Deutch Asset Management (RREEF infrastructure), part of the Deutch Bank Group, has plans to sell its 100% stake in Autovia del Camino toll road project in Spain.
Autovía del Camino is a 70 km concession road located in Navarra, Northern Spain. The road connects Pamplona, the capital of Navarra, and Logroño, the capital of La Rioja. The road is regulated by a 30-year concession agreement between Autovia del Camino S.A. (ProjectCo) and the Department of Housing and Development of Navarra.
AdC operates under a shadow toll regime, under which the Authority pays a tariff for each vehicle that uses the road. The credit quality of the Authority (rating A) was one of the key factors in RREEF Infrastructure’s acquisition of the toll road project as Navarra is one of Spain's wealthiest regions with strong economic fundamentals.
In late 2013, Moody's Investors Service downgraded to Ba2 from Ba1 the ratings of the following loan facilities raised by ProjectCo:
-- €175 million senior secured loan provided by the European Investment Bank, maturing in 2029.
-- €145 million senior secured commercial bank loan maturing in 2030.
The downgrades reflected deterioration in the company's financial metrics and were not linked to the recent change to stable from negative of the outlook on Spain's government bond rating.
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