MONTERREY, Mexico & NEW YORK--(BUSINESS WIRE)--Fitch Ratings has reviewed the terms and conditions of the credit line that Red de Carreteras de Occidente, S.A.P.I. de C.V. (RCO) formalized with Mexico's National Bank of Public Works and Services (Banobras) on Oct. 8, 2013, and determined that entering into such facility has no impact on the ratings of the following Fitch-rated issuances:
-- RCO 12 rated 'AAA(mex)'; Stable Outlook on local scale
-- RCO 12U rated 'AAA(mex)' ; Stable Outlook on local scale
-- International bonds rated 'BBB-'; Stable Outlook on global scale
This new credit facility will help to significantly reduce RCO's refinancing risk, as now only USD8 billion will mature in the medium term, compared to approximately USD30 billion of debt existing at the beginning of 2012, before the company began its debt restructuring strategy.
Given the speed at which it has managed to rearrange its debt, and that the remaining amount is due in five years, Fitch believes it is feasible that RCO can successfully complete its total refinancing program.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Rating Criteria for Infrastructure and Project Finance' (July 11, 2012);
--'Rating Criteria for Toll Roads, Bridges, and Tunnels' (Aug. 2, 2012).
Applicable Criteria and Related Research:
Rating Criteria for Infrastructure and Project Finance
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=682867
Rating Criteria for Toll Roads, Bridges, and Tunnels
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=684146
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