Brazil-based transportation infrastructure operator Invepar continues to deploy and develop a portfolio of toll roads, subways, and airports. We are affirming our 'BB' global scale rating and 'brAA-' national scale rating on Invepar. Similarly, we also affirming the national scale rating of 'brAA-' on Invepar's subsidiary, CART, because we assess it as a "core" subsidiary. At the same time, we are assigning a 'brA+' rating to Invepar's proposed R$2.0 billion nine-year debenture issuance. The stable outlook is based on our expectation that the group will maintain its "adequate" liquidity position despite its aggressive investment plan. On Sept. 28, 2015, Standard&Poor's Rating Services affirmed its 'BB' global scale and 'brAA-' national scale rating on Investimentos e Participacoes em Infraestrutura
