20.05.2013 19:31:00
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Concessionaria de Rodovias Interior Paulista -- Correction to text, May 11, 2013 Release: Moody's affirms ratings of Concessionaria de Rodovias Interior Paulista S.A. (Intervias)
New York, May 20, 2013 -- The Fourth Paragraph of the Ratings Rationale section was corrected to the following: "Recent announcements regarding renegotiations of existing Sao Paulo state concession agreements towards a new economic re-equilibrium including lowering tariffs, will likely impact Intervias. Management believes any such negotiation is likely to result in increases in the concession life, and Moody's agrees. Overall, Intervias would benefit from an extension of its concession life and could absorb a 10-20% reduction in revenues without suffering a significant negative impact on its credit metrics given its strong positive cash flow generation with capital expenditures limited to maintenance only."