It has been a while since a Spanish project bond was rated, but last month Standard & Poor’s issued their preliminary ‘BBB’ rating on motorway Project Sociedad Concesionaria Autovia de la Plata. The Spain-based ProjectCo plans to issue €186 million fixed-rate senior secured bonds, which will be used to finance the construction, operation, and maintenance of a 49km section of the A-66 motorway between Benavente and Zamora in the north-west of Spain. The rating, however, is capped by the rating on the Kingdom of Spain, which is considered an irreplaceable counterparty.
S&P rates the first Spanish project bond to hit the market in a long time
June 5, 2015
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