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Moody's rates Autopista bonds Aaa
Moody's Investors Service said it has assigned a rating of Aaa based upon bond insurance, and an underlying rating of Baa2 to the senior secured 4% series C bonds due 2018 expected to be issued by Sociedad Concesionaria Autopista del Sol, SA.
The outlook is stable.
Autopista plans to issue up to 970,100 secured bonds denominated in unidades de fomento in the local currency market.
The Aaa rating on the bonds is based solely upon an irrevocable and unconditional guaranty of principal and interest provided by Financial Security Assurance Inc. under a financial guaranty insurance policy.
Moody's also affirmed the Baa2 underlying ratings of the company's series A and B bonds. The series C bonds have similar terms and conditions and will be pari passu with the series A and B bonds, which are also insured by Financial Security Assurance. All three series of bonds will benefit from project structural protections that include a 12-month debt service reserve fund.
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