S&P gives Ruta al Mar notes BBB-

S&P said it assigned a preliminary BBB- issue-level rating to Concesion Ruta al Mar SAS' senior secured notes due 2044.

The outlook is stable.

Proceeds will be used to partially finance design and construction, pay transaction costs, and fund certain reserve accounts.

The agency said it assesses the project's liquidity as neutral because it includes a six-month debt service reserve account and a six-month operation and maintenance reserve account that will be funded with the resources of the issue.

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