...Fitch Ratings has rated the USD500 million Senior Secured Notes to be issued by The Road Maintenance Fund of El Salvador (Fovial) `CCC+sf(exp)'. The notes will be backed primarily by a road maintenance tax (contribuci=n de conservaci=n vial, or CCV tax) that originates from the sale or any form of transfer of ownership of diesel, gasoline, or other fuel blends, performed by importers and refiners that will sign notice and acknowledgment agreements (N&As) irrevocably obligating them to pay the tax into an offshore collection account controlled by the indenture trustee. However, if the CCV tax securing the notes is insufficient to cover debt service, Fovial will have the ultimate obligation to ensure debt service is paid in a timely manner. Proceeds of the notes will be used by Fovial to repay all of its outstanding debt and for general corporate purposes. Fitch's rating addresses timely payment of interest and principal on a quarterly basis....
