S&P affirms Costanera notes

Standard & Poor's said it affirmed its BBB underlying rating on the 32.26 billion Chilean pesos of 5% notes due June 2016 and CLP129.05 billion of 5.5% notes due December 2024 issued by Sociedad Concesionaria Costanera Norte SA, following receipt of final documentation about the change of control in the project.

The AAA rating on the notes remains unchanged, the agency said.

The outlook is stable.

According to the agency, the change of control does not affect the credit standing of the project because the credit quality of the new sponsors is sound and they assume all the guarantees under the existing financing documents.

The AAA rating reflects an unconditional and irrevocable guarantee of payment of scheduled interest and principal on the notes provided by Ambac Assurance Corp. (AAA/stable) and the Inter-American Development Bank (AAA/stable/A-1+), S&P said.

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