Fitch Ratings assigned a 'BBB+' rating with a stable outlook to the debt of Autopistas Metropolitanas de Puerto Rico, LLC (Metropistas). Puerto Rico Tollroads LLC (PRTR), or Metropistas, holds a 50-year concession, signed in 2011, to operate highways PR-22 and PR-5, and also operates the Teodoro Moscoso bridge under a 22-year contract. In 2023, Metropistas reached a 40-year agreement to take over the tolls of highways PR-20, PR-52, PR-53 and PR-66.
Fitch said the rating reflects PRTR’s extensive toll-road network, which has shown relatively stable traffic and revenue performance despite economic volatility, demographic challenges and weather-related disruptions in Puerto Rico. Limited competition from alternative routes and public transit also contributes to profitability, and the rating considers the long time remaining on the concession. The concession agreement with the Puerto Rico government lets Metropistas raise tolls annually at its own discretion, without government approval, by up to 1.5% above the US Consumer Price Index on conventional toll roads, while dynamic toll lanes offer more flexibility.
Fitch said this arrangement protects the project from political risks and gives it the capacity to raise tariffs in line with projected inflation over time.