On July 8, 2013, Standard & Poor's Rating Services assigned its preliminary 'BBB-' rating to Autopistas Metropolitanas de Puerto Rico LLC's (Metropistas) $435 million senior secured notes due June 2035. According to S&P's, the outlook is stable.
Metropistas is looking to refinance part of the long term debt in a deal that included an upfront concession fee of US $1,080Mn (€762Mn). Of this, 60 % of this upfront payment was funded by long term debt and 40 % was funded through capital contributions by the partners, Abertis Infraestructuras S.A. (owning 45%), GS International Partners II L.P. (32%), and GS Global Infrastructure Partners II L.P. (23%).
S&P's said:
The rating reflects our view of the traffic and revenue risk, dependence on revenue growth to cover escalating and uneven annual debt service requirements, and a leveraged financial profile. It continues to implement operational efficiencies and complete the accelerated safety upgrades (ASU) required under the CA. We believe it benefits from the 40 year CA with the Puerto Rico Highways and Transportation Authority (PRHTA), which establishes a favorable toll rate-setting regime and reasonable operating provisions.
In June 2011, the bid submitted by the consortium was selected by the Puerto Rican government as the preferred bidder in the tender to manage the PR-22 and PR-5 toll roads for a 40-year period.
Sources: S&P's and Abertis