We assigned our 'BB' global scale and 'brA+' Brazilian national scale ratings to Brazil-based transportation infrastructure operator, Invepar. Invepar's consolidated cash generation is expected to improve as recently added projects in its portfolio mature and ramp up. Although we don't expect significant improvements in its credit metrics in the next 12-18 months, we expect Invepar's strengthening cash flows will to continue to expand its portfolio with lesser need for external funding for future investments. On Dec. 5, 2013, Standard&Poor's Ratings Services assigned its 'BB' global scale and 'brA+' national scale corporate credit ratings to Investimentos e Participações em Infraestrutura S.A. (Invepar). The outlook is stable. The ratings on Invepar reflect the company's "satisfactory" business risk profile and "aggressive"
