Fitch might drop Portugal's Brisa

Fitch Ratings said it placed Brisa Concessao Rodoviaria, SA's long-term secured ratings on Rating Watch Negative.

The short-term ratings were affirmed at F3.

Fitch said the Rating Watch Negative reflects uncertainty on the company's ability to post, by end-2013, a net debt/EBITDA below the lock-up covenant (6.5x) included in its debt documentation. Brisa has been in breach of this covenant since end-2012.

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