S&P downgrades Manila Cavite

Standard & Poor's said it lowered the rating on the $160 million series 2010-1 notes due 2022 issued by Manila Cavite Toll Road Finance Co. to CCC+ from B.

The outlook is negative.

The ratings also were removed from CreditWatch, where they were placed with negative implications in August.

The agency said the downgrade reflects the company's liquidity position to worsen and be under pressure for most of 2012.

This is because a revised forecast by an independent traffic consultant for the extension road segment of the Manila Cavite Toll Expressway for 2012 is much lower than expected, S&P said.

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