Fitch rates Corredor Sur Trust notes BBB

Fitch Ratings said it assigned a preliminary rating of BBB to a $140 million issuance by Corredor Sur Trust, a securitization of toll road rights from the Corredor Sur road in Panama City, Panama.

From Tocumen airport to downtown Panama City, the Corredor Sur toll road runs parallel to the Pacific Coast on the south, connecting major residential and employment centers. Panama City is expected to expand into this area, and several residential and commercial developments are already in advanced stages of completion.

ICA Panama was formed to operate the toll road concession and has no other significant commercial activities. ICA Panama holds 100% of the concession rights, and Maxipista de Panama SA operates the road on behalf of the concessionaire. Both entities are 100% owned by Icatech Corp. in Florida, whose ultimate parent is Empresas ICA Mexico.

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