Moody's assigns Montes de Maria notes Aa1

Moody's Investors Service said it assigned a provisional (P)Aa1 rating to Patrimonio Autonomo Montes de Maria's planned UVR-linked COP 760 billion Reg S/144 A senior secured notes due 2045.

Sociedad Concesionaria Vial Montes de Maria SAS, the project's concessionaire, is liable with the issuer under the notes. The project is a toll-road concession granted by the Colombian government that links the cities of Barranquilla and Cartagena with Ruta del Sol and Autopistas de la Sabana.

“The (P)Aa1 rating reflects the credit strengths of the guaranty provided by U.S. International Development Finance Corp. (DFC), an agency of the government of the United States (government of United States of America, Aaa stable). The guaranty from DFC covers timely payment of each of the scheduled principal and interest payments of the notes that accrues with respect to the amount of principal that is guaranteed by DFC and up to $350 million for principal payments,” Moody’s said in a press release.

The outlook on the rating is stable, reflecting the outlook on the U.S. government, the agency said.

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