Brisa Concessao Rodoviaria S.A.

CREDIT OPINION Brisa Concessao Rodoviaria S.A. Update following change in rating outlook to positive Update Summary Rating Rationale RATINGS Brisa Concessao Rodoviaria S.A. Domicile Portugal Long Term Rating 3 Type Senior Secured - Dom Curr Outlook Positive Brisa Concessao Rodoviaria, S.A. (BCR) s 3 senior secured debt ratings reflect (1) the large size and importance of the company s toll road network for Portugal's transport system; (2) its relatively resilient cash flow despite significant traffic declines in the past thanks to strict cost control and contained investment requirements; (3) the recent strong traffic growth, providing for deleveraging potential in the context of the company s relatively high leverage; (4) the transparency of the concession framework providing for tariff increases linked to inflation; (5) the covenant package and other creditor protections incorporated within BCR's debt documentation; and (6) the policy of prudent financial management. The rating further recognises the company s exposure to country risks associated with being based in Portugal. Exhibit 1 Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Cash flow generation remains strong thanks to a strong traffic performance, cost control and contained investments EBITDA-capex EBITDA-capex ( m) EBITDA-capex (%) Traffic (%) 500 Contacts 352 400 Raffaella Altamura 44-20-7772-8613 VP-Senior Analyst raffaella.altamura@moodys.com 291 276 9.4% 6.7% 0.08 6.3% 200 4.3% 100 2.5% Andrew Blease 44-20-7772-5541 Associate Managing Director andrew.blease@moodys.com 288 0.13 329 315 300 4.5% 5.0% 4.3% 0.03 2.5% 0-0.02-2.6% -100-3.9% -5.1% -0.07-200 -0.12-300 CLIENT SERVICES -14.0% -400 Americas 1-212-553-1653 Asia Pacific 852-3551-3077 Japan 81-3-5408-4100 EMEA 44-20-7772-5454 -0.17 2011 2012 2013 2014 Note: This represents Moody's forward view, not the view of the issuer Source: Company, Moody's Investors Service 2015 2016 2017E 2018E

Credit Strengths Concessionaire for Portugal's largest tolled motorway network Positive traffic growth drives increase in revenues Supportive and well-established concession framework providing for tariff increases linked to inflation Terms of debt documentation provide a degree of protection to creditors Credit Challenges High financial leverage in the context of the shortening concession life Exposure to risks associated with being based in Portugal Rating Outlook The positive rating outlook is in line with that of the Government of Portugal (Ba1, positive). An upgrade to the government s rating would likely result in an upgrade to BCR s rating, provided that BCR s current financial profile is maintained. Factors that Could Lead to an Upgrade An upgrade of the rating of the Government of Portugal, coupled with a maintenance of BCR s key credit metrics at current levels (i.e. Funds from operations (FFO)/debt in the low-double digits in percentage terms) and adequate headroom against the covenanted level at which dividends to shareholders are prohibited, would likely result in an upgrade of the ratings of BCR. Factors that Could Lead to a Downgrade Downwards rating pressure could develop if (1) there is a material change in the terms and conditions of the concession that negatively affects the company's business or financial risk profile; (2) there is a deterioration in the company's liquidity profile; (3) the company fails to maintain a minimum FFO/debt ratio of 8% and FFO interest cover of 2.5x; or (4) there is an increased risk of covenant breaches. In addition, a deterioration in the Portuguese sovereign creditworthiness could result in a downwards adjustment of BCR's ratings. Key Indicators Exhibit 2 Key Indicators Note: All ratios are based on Adjusted financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations Source: Moody's Financial Metrics This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. 2

Detailed Rating Considerations Concessionaire for largest tolled motorway network in Portugal BCR is responsible for the operation of 1,100 km of motorways, of which 1,014 km are tolled (total network under concession of 1,124 km). The network accounts for around 37% of the domestic motorway network. It covers the country from north to south and from east to west and is the backbone of the Portuguese road transport system, linking the main urban centres and thereby covering the richer and more populated areas of the country. As the rail system is under developed in Portugal, the principal competition to the BCR network comes from other Brisa group concessions and the former shadow toll roads (SCUTs) network. In particular, the A17 owned by Brisal (70% owned by Brisa) and the A8 owned by Atlântico (50% owned by Brisa) together with the Costa de Prata (former SCUT toll road) provide a second motorway corridor linking Lisbon and Oporto, competing with BCR's main A1. Whilst smaller in size than other Moody's rated European toll roads, the importance of BCR's network for the Portugal's infrastructure system underpins the credit profile of the company. Positive traffic growth drives increase in revenues BCR s network carries a large proportion of light vehicle (LV) traffic. The share of heavy vehicle (HV) traffic amounts to around 5% and is the lowest among our rated European toll roads. This primarily reflects the geographic location of Portugal and lack of transnational routes linking different economic regions. Whilst a low proportion of HV traffic would suggest more resilient traffic volumes, BCR's network has a fairly sizeable share of leisure traffic, which tends to be more volatile depending on the macroeconomic conditions. In this regard, the economic crisis severely impacted BCR s traffic. In 2008-13, BCR s network lost around 27% in traffic volumes, the biggest decline among our rated toll roads. As a comparison, large French motorway networks saw a cumulative increase in their total traffic volumes of 0-4% in the same period. Austerity measures affecting economic activity and consumption coupled with competition from new motorways were the major drivers of falling traffic volumes in Portugal. Declines in traffic volumes were significantly higher than the contraction in Portugal's GDP as a material adjustment in the use of tolled motorways was driven primarily by heavily constrained household budgets. As the economy and consumer confidence improved, so did the traffic volumes. Traffic volumes started to pick up in Q4 2013 and in 2014 BCR reported the first full year of positive traffic growth since 2007 (+4.5% compared to 2013). Even stronger growth continued in 2015, when BCR reported a 7% increase in traffic across its network compared to 2014, also supported by declining fuel prices (-9% in 2015) and weather conditions. Strong traffic trends continued in 2016, with volumes increasing by 7% (6.9% LV and 9.6% HV), reflecting a more benign macroeconomic environment, the leap year effect (accounting for around 0.3% of total traffic growth) and a continued downward pressure on fuel prices (-4.2% vs. 2015). As of H1 2017, traffic growth remained strong, with BCR reporting an increase of 6.8%, despite the previous year being favourably affected by the leap year effect. Exhibit 3 Improving macroeconomic environment leads to strong traffic recovery on BCR's network % change y-o-y Traffic GDP 10% Private consumption 5.0% 4.5% 5% 2.5% 0% -5% -2.6% -3.9% -10% -14.0% -15% 2011 2012 2013 2014 2015 2016 2017E 2018E Note: This represents Moody's forward view, not the view of the issuer Source: Company, National Institute of Statistics, Moody's Investors Service 3

We expect Portuguese GDP growth to be 2.5% in 2017 and 1.7% in 2018 and domestic consumption to continue to grow. This will underpin traffic volumes in the near term. Traffic will be a key driver of BCR s revenues given relatively limited increases in tolls. Exhibit 4 Traffic is recovering but remains approximately 10% below pre-crisis level (2008=100) BCR 140 130 120 110 100 90 80 70 60 Source: Company, Moody's Investors Service Limited tariff increases given low inflation rate but the overall concession framework is supportive BCR s tariffs remained flat in 2014-15 and increased by 0.2% in 2016. Given continued low inflation toll increases amounted to only 0.8% in 2017. The tariff formula stipulated in the concession contract provides for an adjustment of tolls linked to inflation over the entire concession life. There are no periodical reviews and BCR is allowed to increase tariffs by 100% of the inflation rate in the preceding year, with BCR retaining 91.5% of the revenue outcome of such increase and the remainder being paid to the state-owned entity Infraestruturas de Portugal, S.A. (Ba2, positive). The concession agreement provides for a floor in terms of tariff increases. Negative inflation means that tariffs remain unchanged in a given year but there will be a corresponding adjustment in the following years when inflation becomes positive and entirely compensates the past negative inflation. More generally, we consider the Portuguese concession and regulatory framework to be well established and supportive. Amongst other features, the concession agreement entrenches BCR s rights to receive compensation in the event of early termination and includes provision for compensation in the event of material adverse change. The concession contract does not provide for any change in tariffs or other compensation for adverse events including changes in macroeconomic circumstances. However, the financial rebalance mechanism extends to risks such as change of law and hence provides BCR with some protection against external events. There are several precedents of change to the concession agreement, with suitable compensation being granted to the concessionaire in a straightforward and timely fashion. The December 2008 changes of the concession contract, when the concession period was extended by three years, is a good example. Financial leverage remains high but headroom against covenants has improved BCR s leverage is high based on the funds from operations (FFO)/debt metric, although we note that this ratio does not pick up the benefit of the cash held on balance sheet ( 118 million as of end-december 2016). The company s remaining concession life is relatively long compared with other European toll roads, currently around 19 years. This results in fairly strong ratios that take into account the remaining life of the concession i.e. Moody s debt service coverage ratio (DSCR) and concession life coverage ratio (CLCR). BCR s financial profile was challenged by the material traffic declines in the past resulting in limited headroom against the default covenants included in the terms of the debt documentation. As traffic started to recover, the company s cash flows improved. Despite sizeable payment to shareholders in the total amount of 334 million in 2015 and 360 million in 2016 (this followed several years of no distributions), BCR s leverage continued to slightly reduce. The company s net debt/ebitda was down to 5.25x as of end-december 2016 and 5.05x as of June 2017. The company exhibits significant headroom against the dividend lock-up level included in BCR s debt documentation (net debt/ebitda of 5.75x). 4

Exhibit 5 Headroom against the covenants has increased Net debt/ EBITDA 9x Trigger level Default level 8.00x 8.00x 8.00x 8.00x 7.75x 7.75x 6.50x 6.50x 6.25x 5.75x 5.75x 5.75x 5.38x 5.30x 5.25x 5.05x 2014 2015 2016 H1 2017 8x 7x 6x 5x 4x 3x 7.01x 6.44x 2x 1x 0x 2012 2013 Source: Company, Moody's Investors Service Whilst we recognise the company s significant headroom against the default covenant level (net debt/ebitda of 7.75x as of H1 2017), we caution that the covenant levels will decrease over time, thus requiring continued deleveraging of the business as the concession life shortens. We expect BCR to continue to follow prudent financial policies and maintain adequate headroom against its dividend lock-up and default covenant levels, which will become more demanding over time. Exposure to Portugal constrains the rating BCR s rating reflects the company s exposure to risks associated with being based in Portugal (Ba1, positive). The link to the Portuguese sovereign manifested itself during the economic crisis in particular in 2012 when traffic was down by 14% and the cost of funding significantly increased (BCR s cost of debt on new issuance exceeded 6%). BCR s ratings are currently constrained by that of the Government of Portugal, in that BCR would not likely be rated more than one notch higher than the government s rating, reflecting its almost exclusively domestic focus. Consequently, an upgrade to the government s rating would likely result in an upgrade to BCR s rating, provided that BCR s current financial profile is maintained. Liquidity Analysis BCR s liquidity is strong, underpinned by cash balance of around 339 million and 275 million of undrawn committed credit lines, as of H1 2017. The company follows a policy of prudent financial management and manages its liquidity in advance of upcoming debt maturities. BCR issued this year a 300 million bond with a maturity in 2027. BCR has fairly contained capital expenditure plans averaging some 55-60 million per year over the medium term. The company s primary demands on cash flows will be distributions to shareholders and debt repayments. The company s next large debt maturity of 300 million in April 2018 is thus more than covered with the available liquidity and expected cash flow generation. 5

Exhibit 6 BCR's debt maturity profile is well spread EIB 400 Bonds and other bank debt pre-funded 350 300 250 200 150 100 50 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Note: As of H1 2017 Source: Company, Moody's Investors Service Structural Considerations The structure of the 3 billion EMTN Programme is, in large part, typical of a highly-leveraged corporate transaction. Lenders and BCR, together with its immediate parent, are parties to a number of agreements including a common terms agreement (the CTA) which sets out a range of positive and negative covenants, which bind BCR. The CTA additionally provides for trigger events such that if, for example, the company breaches key financial ratios then it will not be permitted to pay dividends. Lenders are provided with certain security, including over the shares in BCR held by its immediate parent, and benefit from reserve accounts, including a debt service reserve covering 12 months of scheduled interest and amortising debt payments. The financing structure is sufficient to ring-fence BCR from the credit quality of the rest of the Brisa group. We consider, however, that the structural features are weaker than in other structured financings given the significant reliance on outsourcing contracts, refinancing risk and cash reserve requirements (the debt service reserve does not, for example, provide for principal repayments of non amortising debt). Also, the security may have limited value as any transfer of the shares would be subject to government consent and could be frustrated by the appointment of an administrator. For more detail see Brisa Concessao Rodoviaria S.A. Pre-Sale Report dated 26 October 2010. Corporate Profile Brisa Concessao Rodoviaria S.A., the largest subsidiary of Brisa-Auto-Estradas de Portugal S.A. (Brisa), is the operator of Portugal's largest toll road network with 12 motorways under concession covering a total of 1,124 km, of which 1,100 km is under operation. The network is operated under the terms of a concession granted by the Portuguese Republic, which ends in 2035. BCR has few staff and very limited resources. It is reliant on other Brisa group companies to provide a range of services including the operation and maintenance of the asset under a number of outsourcing contracts. Rating Methodology and Scorecard Factors BCR's rating reflects our assessment of the company s overall business profile and financial performance, in line with our Global Rating Methodology for Privately Managed Toll Roads, published in May 2014. The actual rating is below the grid indicated rating reflecting the constraints associated with the Portuguese sovereign rating (Ba1 positive). 6

Exhibit 7 Rating Factors Current FY 31/ 12/ 2016 Privately Managed Toll Roads Industry Grid [1][2] Fact or 1 : Asset Type and Service Area (25%) Measure Moody's 12-18 Month Forward View As of 6/ 9/ 2017 [3] [4] Score Measure Score a) Asset Type Aa b) Competing Routes A A a) Traffic Profile b) Track Record and Stability of Tolled Traffic Ba c) Traffic Density c) Economic Resilience of Service Area Aa Fact or 2 : Traffic Profile and Performance Trends (15%) Fact or 3 : Concession and Regulat ory Framework (10%) a)ability and Willingness to Increase Tariffs Aa Aa b) Protection Provided by the Concession and Regulatory Framework Fact or 4 : Financial Policy (10%) a) Financial Policy Fact or 5 : Coverage and Leverage (40%) a) Cash Interest Coverage b) FFO / Debt 3.5x 4.0x-4.5x 10.9% 10.5%-11.5% c) 1.8x 1.6x-1.8x Ba d) RCF / CAPEX -4.6x Caa 1.0x-1.5x e) Concession Life Coverage Ratio 2.1x Ba 1.9x-2.1x Ba Rat ing: Indicated Rating from Grid Factors 1-5 Ba1 Rat ing Lift 2 0.5 0.5 a) Indicated Rating from Grid Ba1 1 b) Actual Rating Assigned 3 [1] All ratios are based on Adjusted financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations [2] As of 12/31/2016; Source: Moody's Financial Service [3] This represents Moody's forward view, not the view of the issuer and unless noted in the text does not incorporate significant acquisition and divestures [4] RCF/capex is based on a long-term average as distributions will vary over time Source: Moody's Investors Service Ratings Exhibit 8 Category BRISA CONCESSAO RODOVIARIA S.A. Outlook Senior Secured -Dom Curr Moody's Rating Positive 3 Source: Moody's Investors Service 7

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Contacts 9 CLIENT SERVICES Raffaella Altamura 44-20-7772-8613 VP-Senior Analyst raffaella.altamura@moodys.com Andrew Blease Associate Managing Director andrew.blease@moodys.com Corrado Trippa +44 0207 772 1426 Associate Analyst corrado.trippa@moodys.com Xavier Lopez Del Rincon 44-207-772-8652 VP-Sr Credit Officer xavier.lopez-del-rincon@moodys.com 44-20-7772-5541 Americas 1-212-553-1653 Asia Pacific 852-3551-3077 Japan 81-3-5408-4100 EMEA 44-20-7772-5454