Overall operating and financial performance of Peru-based urban toll road RdL remains in line with our expectations. We're affirming our 'BB-' rating on the project's senior secured notes, which currently reflects our view of the construction risk. We're also removing the rating from CreditWatch with negative implications, where we placed it on March 1, 2016. The negative outlook reflects our expectation that the credit quality on the notes would move in tandem in the next 12 months with that of Odebrecht Peru Ingenieria y Construccion S.A.C (a core subsidiary of Odebrecht Engenharia e Construcao S.A. [OEC; B+/Negative/--]). However, as we assign one-notch uplift to the constructor's credit quality due to our view of the project's credit enhancement to replace the
