S&P assigns Transjamaican notes B+

S&P said it assigned its B+ preliminary long-term rating to Transjamaican Highway Ltd.’s proposed $225 million of senior secured fixed-rate notes due 2036.

“Our B+ preliminary rating is mostly influenced by the sovereign rating that reflects Jamaica's high debt and interest burden, which restrict its fiscal flexibility,” S&P said in a press release.

The project will use the proceeds to repay debt, fund certain reserve accounts and transaction costs, pay a one-time dividend to National Road Operating and Constructing Co. and for other general corporate purposes.

The outlook is stable.

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