S&P rates Tachi notes AAA

Standard & Poor's said it assigned its preliminary AAA senior secured debt rating to the $39 million new wrapped fixed-rate notes to be issued by Talca-Chillán Sociedad Concesionaria SA (Tachi) as well as an underlying rating of BBB.

The ratings on the outstanding wrapped fixed-rate 3.04% unidades de fomento 5.65 million notes with final maturity in 2019 are affirmed, the agency said.

The outlook is stable.

The AAA rating on Tachi's senior secured notes reflects MBIA Insurance Corp.'s (AAA/stable) unconditional and irrevocable guarantee of payment of scheduled interest and principal on the notes, S&P said, adding that the BBB underlying rating reflects that the financial strategy is leveraged toward third-party debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.