We have analyzed the dependence of Peru-based toll road operator Rutas de Lima (RdL) on the road constructor's credit quality, which has deteriorated to B+/Watch Neg/-- from BB+/Negative/-- during the past three months, and whether RdL could be rated above the constructor's credit quality. We view Odebrecht Peru Ingenieria y Construccion S.A.C. (OPIC; NR), which we consider a core subsidiary for Odebrecht Engenharia e Construçao (OEC), as RdL's key construction counterparty. After analyzing RdL's construction schedule and credit enhancements, we believe that it has enough liquidity to replace the constructor, if needed, amid the current state of construction and its complexity, so we are providing one-notch uplift from constructor's credit quality. Still, we lowered our debt rating on RdL to
