Moody's: Manila Cavite Toll Road unchanged

Moody's Investors Service said there is no immediate impact on Manila Cavite Toll Road's Caa1 corporate family and senior secured debt ratings following the tender offer for its outstanding $160 million notes launched by its associated company, Cavitex Finance Corp., which is in turn wholly owned by Luis J.L. Virata.

Coastal Road Corp. is the security provider of the notes by pledging its shares of UEM - MARA Philippines Corp., the entity that holds the concession right of the toll road. Coastal Road is wholly owned by the Virata family.

The outlook remains negative.

In March 2012, Cavitex Finance announced a cash tender offer and consent solicitation for any and all of its outstanding 12% $160 million series 2010-1 notes due 2020 issued by Manila Cavite.

The consent solicitation seeks to eliminate substantially all restrictive covenants, certain early amortization events and all of the cash trapping events and certain reporting provisions, definitions and cross-references contained in the indenture and support agreements governing the notes, Moody's said.

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