S&P lowers Ruta al Mar notes

S&P said it lowered the preliminary rating on Concesion Ruta al Mar SAS’ senior secured notes due 2044 to BB+ from BBB- and subsequently withdrew the rating at the issuer's request.

The outlook at the time of the withdrawal was stable.

The agency said the downgrade follows the agency’s revision of Bancolombia, a direct financial counterparty, which will provide letters of credit to the transaction.

“We expect that those LoCs will provide credit enhancements that diminish, in our view, particular risks within both the construction and operational phases. Thus, the rating on the project's debt is now limited by the issuer credit rating on Bancolombia,” S&P said in a news release.

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