Moody’s changes Inversiones Alsacia to negative

Moody's Investors Service has confirmed the senior secured Caa3 rating of Inversiones Alsacia SA and changed the outlook to negative.

Moody’s said the confirmation reflects its current assessment of the expected loss to bondholders following the payment default of required interest and principal that occurred on August 18, and the subsequent announcement that the notes would be restructured. Specifically, the Caa3 rating incorporates the view that based upon the agency’s understanding of the restructuring proposal and its belief that the restructuring will be executed as contemplated, recovery prospects for current bond holders should exceed 65%.

The negative outlook reflects the highly unlikely but still possible outcome that the contemplated restructuring does not occur which would dim recovery projects.

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