Portugal To Get Road Refinance Gains

Portugal's top Audit Tribunal (TC) is close to sanctioning a revision of the financing of an existing highway concession, the Douro Interior highway. The revison will open the way to reducing the impact to the government of BAFO availability fees that surged after winning bids were chosen. Availability fees, negotiated in 2008 during the banking crisis, increased with the credit market crisis beyond what the TC was willing to approve. In the proposed revision, the state's highway operator, Estradas de Portugal, will get a share of any gains from the refinancing of the project debt of five concessions...

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