Moody’s assigns B1 to Aenza, notes

Moody’s Ratings said it assigned a B1 corporate family rating to Aenza SAA and a B1 rating to its planned senior secured notes for up to $350 million. The outlook is positive.

“The B1 ratings assigned to Aenza SAA's (Aenza) reflect the company's leading position in the engineering & construction (E&C) industry and leading concessions developer and operator in the infrastructure and energy segments in Peru, with a long track record and expertise in Latin America

Other factors also embedded in the ratings include its robust portfolio of concessions in Peru and adequate liquidity profile. The plea agreement's homologation with the Peruvian government in August 2023 signifies the resolution of the company's longstanding legal issues and is also factored into the ratings,” Moody’s said in a press release.

However, compared to its international counterparts, Aenza has modest revenue and size, the agency said.

Aenza will use the proceeds for working capital, capital expenditures, repayment of borrowings and/or general corporate purposes.

“The positive outlook mainly reflects Moody's Ratings' view that Aenza's credit metrics will strengthen in the next 12-18 months aided by earnings and cash flow growth as the company expands operations in oil and gas, real state and infrastructure concession businesses, coupled with a maintenance of good profitability in the E&C business,” the agency said.

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