While overall credit quality for Latin America infrastructure is expected to remain stable, some divergence in performance is expected, according to a new Fitch Ratings report.

“The sector outlooks remain stable, with the exception of transportation in Brazil, which is still negative. Risks continue to be skewed to the downside. The pace of economic recovery in Brazil and the effects of U.S. President Donald Trump’s potential policies on the Mexican economy are the key issues to watch for,” said Managing Director Glaucia Calp.

Despite the overall market trend showing slight volume growth in the first half of 2017, Brazilian transportation volume is still trending negative.

Volume growth for Mexican transportation assets is expected to be stable. Increased trade protectionism in the U.S. could lead to contractions in commercial toll road traffic, particularly near the border or in areas heavily reliant on the automotive industry.

Brazilian wind farms have enjoyed higher generation levels in 2017, close to contracted levels.

Brazilian hydro power is still a short to medium term concern, as reservoir levels should still take few years to fully recover. Mexican wind farms and most thermoelectric projects will continue exhibiting steady performance.