Fitch downgrades Thruways after delays

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Ratings agency Fitch has posted a negative rating outlook for the consortium in charge of the New York Thruway P3 project.

Empire State Thruway Partners, a team consisting of John Laing and Applegreen, won the contract in 2021 to deliver upgrades to 27 service sites on the 570-highway in New York.

The $301m project has suffered an up-to 300-day delay on some of its sites due to “unforeseen” circumstances such as site condition, supply chain disruption and the Covid-19 pandemic.

Fitch has downgraded the rating outlook from stable to negative, as the delays will likely result in lower than expected revenues.