Investimentos e Participacoes em Infraestrutura S.A. - Invepar's $650M Notes Rated 'BB-' (Recovery Rating: '3')

NEW YORK (S&P Global Ratings) Oct. 16, 2018--S&P Global Ratings today assigned its 'BB-' issue-level rating to Investimentos e Participacoes em Infraestrutura S.A. – Invepar's (BB-/Watch Neg/--) proposed five- to seven-year notes of up to $650 million. We also assigned a recovery rating of '3' to the proposed notes, based on our expectation of substantial recovery (rounded estimate: 65%). The company will use the net proceeds primarily to repay outstanding debentures at the holding company level and at its subsidiaries, Linha Amarela S.A (LAMSA) and Concessão Metroviária do Rio de Janeiro S.A. (MetroRio), which will guarantee this issuance. If successful, we expect the issuance to help Invepar to reduce its refinancing risks, especially at the holding level. As of June

...NEW YORK (S&P Global Ratings) Oct. 16, 2018--S&P Global Ratings today assigned its '##-' issue-level rating to Investimentos e Participacoes em Infraestrutura S.A. ¡ Invepar's (##-/Watch Neg/--) proposed five- to seven-year notes of up to $650 million. We also assigned a recovery rating of '3' to the proposed notes, based on our expectation of substantial recovery (rounded estimate: 65%). The company will use the net proceeds primarily to repay outstanding debentures at the holding company level and at its subsidiaries, Linha Amarela S.A (LAMSA) and Concesspo Metrovißria do Rio de Janeiro S.A. (MetroRio), which will guarantee this issuance. If successful, we expect the issuance to help Invepar to reduce its refinancing risks, especially at the holding level. As of June 30, 2018, unencumbered cash position at the holding company was approximately R$440 million, compared with short-term maturities of R$1.2 billion in debentures due Dec. 11, 2018. Even though we expect the holding company...

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