Fitch affirms ISA Capital

Fitch Ratings said it affirmed ISA Capital do Brasil SA's foreign- and local-currency issuer default ratings at BB+ and simultaneously assigned a national-scale rating of AA-(bra). Fitch affirmed the company's $31.6 million of senior secured notes outstanding at BBB-.

The outlook is stable.

ISA Capital do Brasil's ratings reflect the strong credit quality of Cteep (AA+(bra)), its sole revenue source and only operating asset, the agency said. Cteep's strong credit quality is attributable to its monopoly position, its stable and predictable operating cash flow and its financially sound credit profile.

The ratings also reflect the noteholders' structural subordination to Cteep's obligations as well as the company's concession renewal and refinancing risks, the agency added.

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