Fitch: Outlook Stable in Latam Infra Projects Despite Lower Growth
The stable outlook on toll roads is underpinned by steady historical traffic volumes, low dependence on growth, and flexible debt structures. Exceptions are Brazil and Panama, where recent trends show a deceleration in traffic volumes. Credit fundamentals for airports are expected to remain stable, underpinned by rising traffic volumes and healthy non-aeronautical revenues.
Power projects are generally weathering the odds, with enduring drought in Brazil negatively affecting operating cash flows to hydro projects. Ratings remain supported by corporate and financial guarantees. Mexican wind projects are expected to exhibit improving performance, close to P50 levels.
As to availability projects, low complexity of operations and the credit quality of the offtakers support a stable sector outlook.
The full report, '2015 Mid-Year Outlook: Latin America Infrastructure,' is available at www.fitchratings.com.
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