Specialists pick up S&P rating on Spanish road project

Spanish roadStandard & Poor’s Ratings Services recently released its preliminary ‘BB+’ rating on the €57.2 million senior secured bonds issued by Spanish road operator Autovia del Noreste. The bonds will be used to refinance the construction, operation and maintenance of C-415, a toll road in Murcia, south-eastern Spain.

However, the final rating will be influenced by the outcome of a concession dispute between the project company and the regional government of Murcia, the project’s irreplaceable revenue party. Receipt and satisfactory review of all final transaction documentation is also necessary to reach a final verdict.

Following Moorgate outreach IJGLobal and InfraNews conducted interviews with S&P’s Gonzalo Cantabrana Fernández, the lead analyst on the project. (Please note these links lie behind paywalls)

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