Moody’s revises Auvisa to positive

Moody's Investors Service said it affirmed the Caa1 rating on Autovia de los Vinedos SA’s (Auvisa) €103 million European Investment Bank loan facility due 2030 and €64.1 million bonds due 2027.

The outlook was revised to positive from negative.

The loan and bonds rank pari passu senior secured, and benefit from unconditional and irrevocable guarantees of scheduled principal and interest under financial guarantee insurance policies issued by Syncora Guarantee (U.K.) Ltd. (SGUK, not rated).

"Today's rating action reflects the positive impact on Auvisa's financial metrics of a significant increase in its traffic volumes in 2014, following three consecutive years of decline,” Moody’s analyst Declan O'Brien said in a news release.

The positive outlook reflects the company's improving traffic volumes in 2014 for light and heavy vehicles, which increased by 3.9% and 7.5%, respectively, and Moody's view that traffic volumes will continue to grow albeit at a slower pace than in 2014.

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