The 'AAA' rating on the Chilean peso (CLP) 32.26 billion (unidades de fomento (UF) 1.9 million) 5% notes due June 2016 and CLP129.05 billion 5.5% (UF7.6 million) notes due December 2024 (approximately US$270 million) issued by Sociedad Concesionaria Costanera Norte S.A.(Costanera) reflects Ambac Assurance Corp. (AAA/Stable/--) and the Inter-American Development Bank's (AAA/Stable/A-1+) unconditional and irrevocable guarantee of payment of scheduled interest and principal on the notes. The 'BBB' underlying rating on Costanera's senior secured obligations reflects the following risks: The implementation of an integrated free-flow system still represents a challenge, Traffic depends on continued GDP growth in the region, There is a limited track record on users' willingness to pay for urban toll roads, and The collection mechanism has generated...
Companies mentioned in this report are:
- Sociedad Concesionaria Costanera Norte S.A.
- Inter-American Development Bank
- Ambac Assurance Corp.
- Atlantia SpA
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