We consider that RdL's (or the project's) capacity to secure the financing for the construction of the Ramiro Priale road has diminished during the past few months, mainly due to the eroded reputation of Odebrecht, which is the project's construction company and minority sponsor. We believe that as long as Odebrecht remains within the structure (both as a constructor and as a sponsor), the project's ability to secure the last portion of the financing will continue to be at risk. Therefore, we revised our assessment of funding certainty on it to negative from marginally negative. We revised our outlook on Peru-based toll road operator RdL to developing from negative. We also affirmed our 'BB' debt rating on it. The developing
