S&P ups Iirsa Norte

Standard & Poor's said it raised its rating on Iirsa Norte Finance Ltd.'s $213 million of 8¾% senior secured notes due 2024 to BB+ from BB.

The agency noted that the upgrade follows the sovereign upgrade of the Republic of Peru to BB+ from BB.

The outlook for Peru is stable.

S&P added that Iirsa Norte is a securitization of dollar-denominated certificates acknowledging the right to collect annual construction payments issued by the government of Peru through its Minister of Transportation and Communication and a credit-linked note issued by Morgan Stanley.

According to the agency, the upgrade is based on the BB+ rating assigned to the government of Peru based on the comprehensive improvement of the country's economic indicators and favorable medium-term prospects in the context of a more stabilized political and social situation as well as the unconditional and irrevocable payment obligation of the government of Peru under the certificates.

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