S&P raises Rutas de Lima

S&P said it raised Rutas de Lima SAC’s issue-level rating on to B+ from CCC+.

The upgrade follows bondholder approval to extend the due date on two sub-tranches to Dec. 31, 2023, and Dec. 31, 2024, the agency said. The addenda also included a change in the order of priority on the usage of reserve accounts, in case of a cash shortfall, in order to increase the liquidity available to make debt payments.

“As a result of the modification of the pending works' due date, and subsequently, the event of default clause, Peru-based toll road operator, Rutas de Lima (RdL or the project), won't be exposed to a potential debt payment acceleration in the short term. Moreover, we now expect the project to be more resilient under a downside-case scenario because of the improved liquidity position,” S&P said in a press release.

The outlook is stable.

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