On Feb. 3, 2015, we revised the credit quality trend to negative from stable on one of Rutas de Lima's main counterparty, the equity contributor. We are revising our outlook on Peru-based toll road operator's two series of senior secured notes to negative from stable. We are also affirming our 'BBB-' rating on these notes. The negative outlook reflects our current expectation that the rating on the notes would move in tandem with that of the equity guarantor. On Feb. 6, 2015, Standard&Poor's Ratings Services revised its outlook on Rutas de Lima S.A.C (RdL) to negative from stable. We also affirmed our 'BBB-' rating on RdL's two series of senior secure notes due 2036 and 2039. The outlook
