Moody's: Vespucio has Baa3 underlying rating

Moody's Investors Service said it assigned on Dec. 15, 2004 an Aaa global-scale rating to the senior secured bonds of Sociedad Concesionaria Autopista Vespucio Sur, SA based on the claims paying financial strength of XL Capital Assurance Inc.

On June 20, Moody's said it downgraded the insurance financial strength ratings of XL Capital Assurance to B2.

Moody's said its ratings on securities that are guaranteed or "wrapped" by a financial guarantor are generally maintained at a level equal to the higher of a) the rating of the guarantor or b) the published underlying rating.

Accordingly, the company has requested that Moody's publish the Baa3 underlying rating of the senior secured debt of the Vespucio Sur toll road project, adding that the company currently has UF 5,222,910 bonds outstanding and UF 3,736,320 in loans from the Instituto de Credito Oficial.

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