On Sept. 10, 2015, we placed our 'BBB-' rating on Odebrecht Engenharia e Construcao S.A. (Odebrecht) on CreditWatch with negative implications. The rating action follows the downgrade of Brazil's foreign currency rating to 'BB+' from 'BBB-' and its local currency rating to 'BBB-' from 'BBB+'. We believe Odebrecht is a key counterparty for Rutas de Lima (RdL or the project) during the construction stage. We are placing our 'BBB-' debt rating on the project on CreditWatch negative, indicating that there is a 50% chance of a downgrade following a similar action on Odebrecht. On Sept. 15, 2015, Standard&Poor's Ratings Services places its 'BBB-' rating on Rutas de Lima S.A.C's senior secured notes due 2036 and 2039 on CreditWatch
