OREANDA-NEWS. Fitch Ratings has released its Special Report 'Brazilian Toll Road Concessionaires - 2015 Peer Review' which highlights financial metrics and the key rating factors detailed in its sector criteria.

As part of its peer review process, Fitch has affirmed all its ratings of Brazilian toll roads, changed the Rating Outlook of specific transactions, and assessed the key rating factors according to the applicable criteria. The Outlook changes included:

--Triangulo do Sol Auto-Estradas S.A. (rated 'AA(bra)'); Outlook revised to Stable from Positive.
--Rodovias das Colinas S.A. (rated 'AA(bra)'); Outlook revised to Stable from Positive.

The Outlook revisions to Stable reflect Fitch's view that 2015 will be the trough of the economic cycle, with a recovery from 2017 onwards. In case the economic negative cycle persists beyond 2016, negative rating actions could be taken on the rated debentures.

The Special Report is based on the global criteria 'Rating Criteria for Toll Roads, Bridges and Tunnels', available at www.fitchratings.com, and describes the five key rating factors: completion risk, revenue risk - volume, revenue risk - price, infrastructure/renewal, and debt structure. The related attribute assessments are 'stronger,' 'midrange,' and 'weaker'.