Peru-based toll road operator, Rutas de Lima S.A.C., will issue senior secured bonds in three series for approximately $520 million. All of the debt will rank pari passu and share the same collateral package. We are assigning our 'BBB-' preliminary issue-level rating to the proposed bonds. We expect the company to use the proceeds to finance improvements of the existing section of the three concession roads, fund the design and construction of 19 kilometer (km) extension of Ramiro Prialé, and cover financing costs. On June 26, 2014, Standard&Poor's Ratings Services assigned its 'BBB-' preliminary rating to Rutas de Lima S.A.C's (RdL or the project) approximately $520 million senior secured bonds due between 2037 and 2039. The outlook is
