Fitch Ratings has downgraded ratings of three Brazilian urban railway and highway concessionaires amid the COVID-19 crisis, according to a 31 March press release.
Supervia, which is owned by Mitsui and operates Rio de Janeiro’s rail system, had its ratings downgraded from ‘A-‘ at local level to ‘BBB-‘.
ViaRondon, controlled by BRVias and which operates a stretch of SP-300 in the state of São Paulo, went from ‘AA’ to ‘AA-‘.
The concessionaire Entrevias, which is backed by Pátria Investimentos and operates a complex of highways in São Paulo, went from ‘BB’ to ‘BB-.’
The ratings agency conducted a portfolio review as it expects a “sharp drop in traffic volume and revenues caused by commuting restrictions, lock-downs and depressed economic activity”.
Fitch affirmed the ratings of the concessionaire Rota das Bandeiras, backed by Mubadala Investment Company, at ‘AAA’ and also the ratings for Econorte ‘C’ controlled by Triunfo Participações, and Concessionária Rio-Teresopolis ‘AAA,’ backed by Invepar.