Fitch Ratings-Bogota-08 December 2015: Overall credit quality of rated infrastructure assets in Latin America should continue to exhibit a steady performance in an increasingly divergent region, according to a Fitch Ratings report. 'The 2016 outlook for Latin America infrastructure is stable for all sectors, with the exception of airports,' said Senior Director Glaucia Calp. 'Mexico, Central America and the Caribbean's growth prospects are favored by ties with the U.S. economy, while deteriorated macroeconomic conditions in Brazil represent significant challenges to demand. '' The severe devaluation experienced by many countries' currencies has not had a significant effect in projects' performance, as unhedged FX exposure is not material. With toll roads consisting of mature roads, financial performance is generally not dependent upon high traffic growth rates. Toll roads in Mexico are likely to maintain favorable growth in line with the country's positive economic dynamics. Conversely, in Brazil, rated toll roads should continue to exhibit weak traffic performance for the following 12 to 18 months, pushing concessions into the trough of the economic cycle.  With the exception of Brazil, rated airports are expected to continue exhibiting robust performances. The negative outlook on rated Brazilian airports reflects the potential for continued sluggish growth beyond 2016.  Thermal power plants and wind farms in the region have performed in line with expectations, while, in Brazil, the enduring drought has led to negative operating cash flow in hydro projects, with ratings supported by corporate or financial guarantees.