Atlas Arteria (ASX:ALX) said Fitch Ratings lowered its underlying rating on the outstanding long-term senior unsecured bonds of Toll Road Investors Partnership II (TRIP II) to "B+" from "BB-" and affirmed a negative outlook, according to a Monday filing with the Australian bourse.
The rating downgrade was attributed to the State Corporation Commission's Sept. 5 rate case decision and a weaker-than-anticipated recovery in traffic post-COVID-19, the filing said.
The downgrade will not lead to a breach or default in TRIP II's financing documents, and the interest rate for rated bonds will not be affected, according to the filing.
TRIP II owns the concession to operate the Dulles Greenway toll road in Virginia. Atlas Arteria has a 100% economic interest in Dulles Greenway.
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