Metrotenerife improves its credit rating following a review by the international financial services credit rating agency Standard & Poor’s (S&P). The guided transport company of the Island Government moves from a negative outlook to a stable one and maintains its long-term and short-term credit ratings at “A” and “A-1”.
The Metrotenerife president, Enrique Arriaga, considers that “the improvement of the transport company’s rating responds to the good financial performance of the company and is an endorsement of its management team”.
The agency highlights in its report that Metrotenerife is key to the Island Government`s efforts to promote and increase the use of public transport and continues to rate the company’s Stand Alone Credit Profile (SACP) at “a+”, reflecting, in its opinion, the strong and solid business and financial risk profile of the company.
This consideration by S&P is a consequence of the outlook revision made on Spain last March. It should be noted that the rating given to Metrotenerife, can never be higher than that given to the sovereign government of the country.