Fitch Ratings has revised the National Long-Term Rating of Autopistas del Sol, S.A. (AdS) to 'A(cri)' from 'AA-(cri)' following the recalibration of the agency's Costa Rican national rating scale.

The Rating Outlook remains Stable.

Fitch has recalibrated its Costa Rican National Rating scale to reflect changes in the relative creditworthiness among Costa Rican issuers. Costa Rica's sovereign rating was upgraded by Fitch to 'BB-' from 'B' with a Stable Outlook on March 2, 2023.

KEY RATING DRIVERS

Rating revisions are used to modify ratings for reasons not related to credit quality to reflect changes in a country's national rating scale and relative risk rankings. AdS's credit fundamentals remain unchanged, however, its relative creditworthiness in relation to local issuers across all sectors has comparatively weakened.

The change in the national rating scale is driven purely by the recalibration of Fitch's National Ratings Correspondence Table. National scale ratings evaluate relative vulnerability to default on legal obligations only for local issuers within Costa Rica, excluding transfer and convertibility risks.

In addition, National Ratings reflect the relative strengths and weaknesses of each issuer in a specific jurisdiction designed to help local investors differentiate risk and are not comparable with Fitch's international rating scales or with other countries' national rating scales. Costa Rican national scale ratings are denoted by the unique identifier '(cri)'.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative rating action/downgrade:

Rating Sensitivities do not change from previous review, as the ratings are being revised due to changes in the National Ratings scale.

Factors that could, individually or collectively, lead to positive rating action/upgrade:

Rating Sensitivities do not change from previous review, as the ratings are being revised due to changes in the National Ratings scale.

Best/Worst Case Rating Scenario

International scale credit ratings of Sovereigns, Public Finance and Infrastructure issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of three notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.

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