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Fitch lowers Inversiones Alsacia
Fitch Ratings said it downgraded to D from CC the rating of Inversiones Alsacia, SA’s $464 million senior secured bonds due in 2018.
Currently, $347 million of bonds are outstanding.
The downgrade reflects Alsacia’s lack of payment of the debt service obligations due Aug. 18, which constitutes an event of default with no cure period or possibility for a waiver, Fitch said.
The concessionaire announced that an agreement was achieved with a group of bondholders that collectively hold more than 60% of the outstanding debt to restructure the notes and to forbear from pursuing any remedies under the indenture in connection with the default for a four-day period, which may be extended, the agency said.
Alsacia also received termination notices regarding the hedging agreements entered into with Merrill Lynch Capital Services Inc. and Credit Suisse International as a result of the concessionaire’s failure to pay the respective fees, Fitch added.
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