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S&P cuts Sociedad Concesionaria Vespucio
S&P said it downgraded Sociedad Concesionaria Vespucio Norte Express SA to BBB from BBB+.
The outlook is stable.
On Jan. 31, Chile's Ministry of Public Works published the new toll-road rate adjustment mechanism, which eliminates the 3.5% annual rise above the inflation rate starting in January.
The lower rates will reduce Sociedad Concesionaria Vespucio Norte Express’ minimum and average debt service coverage ratios to about 1.4x and 1.7x, respectively, versus previous expectations of 1.7x and 2.0x, respectively, the agency said.
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