SANTA CRUZ DE TENERIFE, 25 Apr. (EUROPE PRESS) –
Metrotenerife has improved its credit rating after the review carried out by the international financial services risk rating agency Standard & Poor’s (S&P).
In this way, the guided transport company of the Cabildo de Tenerife goes from a negative outlook to a stable outlook and reaffirms its long- and short-term credit ratings at ‘A’ and ‘A-1’, respectively.
The First Vice President, Minister of Mobility and President of Metrotenerife, Enrique Arriaga, considers that the improvement in the rating of the transport company “responds to the company’s good work in finances and represents a boost for its management team”.
The agency highlights in its report that Metrotenerife is key in the Cabildo’s efforts to promote and increase the use of public transport, and they continue to evaluate the standalone credit profile (SACP: Stand Alone Credit Profile) of the company at ‘a+’, thus reflecting , in his opinion, the strong and solid profile of the Tenerife company in terms of business and financial risk.
This consideration by S&P is a consequence of the revision of the perspective carried out on Spain last March. It should be noted that the rating given to Metrotenerife, as an entity of the island government, can never be higher than that given to the sovereign government of the country and, consequently, S&P limits Metrotenerife’s rating to the same level as the rating of Spain, aligning its perspective with that granted to the central government.
