Creditreform Rating (CRA) has changed the outlook of the unsolicited corporate issuer rating of Brisa Concessão Rodoviária, S.A. (BCR) from positive to stable, and confirmed the rating at BBB. This change is based on an expected substantial decline in average daily traffic and overall weakening of the economic development in Portugal in 2020 due to border restrictions and a decrease in social and economic activities caused by the COVID-19 pandemic. We anticipate that these effects will lower the revenues and weaken the earnings capacity of BCR, adversely affecting its financial metrics. However, the financial metrics as of 31 December 2019 provide enough headroom to comply with the BBB rating.
Creditreform Rating (CRA) has changed the outlook of the unsolicited corporate issuer rating of Brisa Concessão Rodoviária, S.A. (BCR) to positive from stable (BBB / positive). This change is based on the significantly improved performance of BCR and of its key financials in 2018 and 2019 (6 months). This development was underpinned by the sustainable growth of Portugal´s GDP, and its overall improved economic situation. On 23 September 2019, CRA raised its unsolicited long-term sovereign rating of the Republic of Portugal to BBB / positive from BBB- with positive outlook. Considering that the domestic situation of Portugal has a significant impact on the Company´s performance, and based on our expectation that the Portuguese economy will continue to post solid economic growth over the next two years, we expect positive development of BCR.
Creditreform Rating has carried out an unsolicited rating of Brisa Concessão Rodoviária, S.A. The rating has been set to BBB with stable outlook.