...- On Jan. 29, 2021, bondholders approved an addenda to the trust agreement on it notes to extend the due date to finalize the pending works at Panamericana and Ramiro PrialT sub-tranches to Dec. 31, 2023, and Dec. 31, 2024, respectively, due to the failure to achieve its completion date on Jan. 31, 2021. The addenda also incorporate a change in the order of priority on the usage of reserve accounts, in case of a cash shortfall, in order to increase the liquidity available to make debt payments. - As a result of the modification of the pending works' due date, and subsequently, the event of default clause, Peru-based toll road operator, Rutas de Lima (RdL or the project), won't be exposed to a potential debt payment acceleration in the short term. Moreover, we now expect the project to be more resilient under a downside-case scenario because of the improved liquidity position. - Therefore, on Feb. 5, 2021, S&P Global Ratings raised its issue-level rating on RdL to 'B+' from '###+'. - The...
