Project Finance
Outlook: Stable
Action date: 11/24/2021
Rating action: Affirmed


Axesor Rating affirms the rating of Viario A31, S.A. at "BBB +", maintaining the Stable outlook. Viario A31, S.A. is the company set up to execute the public concessional contract related to the Bonete - Alicante section of the A31 motorway (km: 124-235.4), including the construction and subsequent management of the same under the demand fee regime (shadow toll). In 2020, it continued to meet its financial commitments despite the fall in traffic derived from COVID-19 and the negative impact on its turnover (-22.3%). During 2021, the company's results up to the third quarter have improved compared to last year (+ 20.6% in turnover) due to the recovery in traffic. In addition, the company keeps maintaining a positive level of liquidity.


Date last rating: 11/24/2021
Date first rating: 11/21/2014