Scope has ceased analytical coverage of Ontime Corporate Union S.L. due to business reasons and insufficient data and information to continue the analysis underpinning the credit rating.

The downgrade reflects an anticipated increase in leverage combined with profitability already under pressure. The issuer rating benefits from a growing market share and strong EBITDA interest cover.

The ratings are primarily driven by the company's strong profitability and integrated business model but constrained by its geographical concentration and limited market positioning.