KBRA rates notes issued by Puerto Rico toll road concessionaire
Kroll Bond Rating Agency (KBRA) has assigned a BBB- rating to senior secured notes issued in 2013 by Autopistas Metropolitanas de Puerto Rico, LLC (Metropistas), a concessionaire is owned by Abertis Infraestructuras, S.A. and GS Infrastructure Partners.
Metropistas' concession consists of the operation and maintenance of two sections of highway in Puerto Rico – PR-22 and PR-5. The roads have been in operation and tolled since 1972. PR-22 runs along the north coast of the island connecting the west to San Juan. PR-5 is a short road on the south-west side of San Juan.
Due in 2035, the 6.75% notes were originally issued for an principal amount of US$435 million. As of September 2018, Metropistas had US$416.73 million outstanding on the notes.
In addition to the notes, Metropistas has also borrowed a term loan due December 2022 with US$300.3 million outstanding. The two credit facilities are pari passu and cross-collateralized by the memberships interests in, and all assets of, Metropistas.
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