Fitch puts toll road notes, loan on watch

Fitch Ratings said it placed the debt of two Colombian toll roads on rating watch negative after Construcciones El Condor, SA's credit quality weakened.

The agency put PA Autopista Rio Magdalena’s (ARM) COP 915.5 billion UVR notes and COP 278 billion UVR loan BB+ and AA+(col) ratings and PA Concesion Ruta al Mar's (RAM) COP 522 billion UVR notes BB+ and AA(col) on RWN.

“The rating actions reflect the projects' exposure to the credit quality of El Condor, who has signed engineering, procurement and construction (EPC) contracts with ARM and RAM. During the completion phase, the projects are exposed to the credit quality of their EPC contractors, including El Condor. In Fitch's view, El Condor's credit quality has deteriorated,” Fitch said in a press release.

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