Brazil-based transportation infrastructure operator, Invepar, has shown ability to deploy and develop a portfolio of assets such as toll roads, subways, and airports. We are affirming our 'BB' global scale rating and raising our national scale rating to 'brAA-' from 'brA+' on Invepar after it completed the new passenger terminal 3 of GRU Airport in May 2014 on time and within budget. Similarly, we are upgrading Invepar's subsidiary, CART, to 'brAA-' from 'brA+' because we assess it as the group's "core" subsidiary. The stable outlook is based on our expectation that the group will maintain its "adequate" liquidity position despite its aggressive investment plan. On Nov. 6, 2014, Standard&Poor's Rating Services affirmed its 'BB' global scale on Investimentos
