Tariff increases for Fitch-rated European toll-road operators in 2024 highlight regulatory support and are incrementally positive for concessionaires’ credit metrics, Fitch Ratings says.
Tariff increases in Spain and Portugal are above regulatory reference CPI to compensate for the 2023 caps, and are above initial expectations, while in Italy and France uplifts are in line with regulatory frameworks. However, operators in France currently face increasing political interference following the adoption of a new infrastructure tax.
The tariff increases will support operators’ revenue, as Fitch projects there will be only a modest increase in traffic growth of about 1 percent in 2024 (based on 1 percent to 2 percent growth of light vehicle traffic and broadly unchanged heavy vehicle tra
