We updated our base-case scenario for Peruvian toll road operator Rutas de Lima S.A.C. (RdL or the project) based on our assumption of no traffic growth--due to the recent reopening of an illegal bypass near Villa El Salvador toll plaza that allows transits without toll rate payments--and that we don?t expect the Metropolitan Municipality of Lima to close. We also incorporated higher operating costs, mainly driven by the ongoing litigation, and higher debt service due to the addition of 200 basis points to the interest rates on RdL's notes following the event of default that occurred in March 2024. As a result, we now forecast that RdL could default ahead of our previous expectations. Therefore, on Nov. 26, 2024, we
