S&P upgrades VNE notes

S&P said it raised its issue-level rating on Sociedad Concesionaria Vespucio Norte Express SA's (VNE) notes to BBB+ from BBB-.

The outlook was changed to stable.

“The BBB+ issue-level rating reflects the credit quality of the project on a stand-alone basis because we don't consider the bond insurance provider, MBIA Insurance Corp. (not rated) as a credit enhancement,” the agency said in a news release.

“The two-notch upgrade reflects our expectation that the project will continue strengthening its financial performance over the next few years, as demonstrated by its robust minimum DSCR under our updated base case of around 1.7x versus the previous 1.6x.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.