S&P affirms Costanera

Standard & Poor's said it affirmed the AAA ratings on Sociedad Concesionaria Costanera Norte SA's CLP 32 billion of 5% notes and CLP 129 billion of 5½% notes and removed them from CreditWatch with negative implications.

The outlook is negative.

S&P affirmed the BBB underlying rating on the project. The outlook is stable.

The Creditwatch removal follows the action on the AAA financial enhancement rating on Ambac Assurance Corp., since the ratings on Costanera's notes reflect Ambac and the Inter-American Development Bank's unconditional and irrevocable guarantee of payment of scheduled interest and principal on the notes, according to the transactions' terms.

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