Moody's rates Vespucio notes Aaa

Moody's Investor's Service said it assigned an Aaa (global scale) rating to Sociedad Concesionaria Vespucio Sur SA's $148 million of senior secured bonds due Dec. 15, 2028. The outlook is stable.

Moody's said the Aaa (global scale) rating is based on the claims paying financial strength of XL Capital Assurance Inc., which is the provider of an unconditional and irrevocable insurance policy for the bonds.

Concesionaria Autopista Vespucio Sur SA is constructing an urban, completely electronic toll road project serving metropolitan Santiago under the terms of a concession agreement granted by the Ministry of Public Works.

Moody's said the underlying source of funds for repayment of the senior secured bonds relies primarily on net operating revenues expected to be generated by the toll facility.

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