Peru-based toll road operator, Rutas de Lima S.A.C., issued two series of senior secured bonds for total of about $520 million. We are assigning our 'BBB-' issue-level ratings to the bonds. We expect the company to use the proceeds to finance improvements of the existing section of the three concession roads, fund the design and construction of 19 kilometer (km) extension of Ramiro Prialé, and cover financing costs. On July 22, 2014, Standard&Poor's Ratings Services assigned its 'BBB-' rating to Rutas de Lima S.A.C's (RdL or the project) $520 million senior secured bonds due between 2036 and 2039. The outlook is stable. Standard&Poor's assigned its 'BBB-' long-term rating to RdL's $520 million two series of bonds
