S&P rates Autopista Central papers AAA

Standard & Poor's has given its AAA senior debt rating to some US$610mn in long-term papers issued by Chilean toll road operator Autopista Central in the country's inflation-indexed currency (the UF) and US dollars, S&P announced. S&P also maintained the issue's BBB- underlying rating. The outlook for both ratings is stable. The AAA guaranteed rating reflects the unconditional and irrevocable guarantee of the payment of scheduled interest and principal on the papers by MBIA Insurance, S&P credit analyst Pablo Lutereau said, adding that the stable perspective reflects S&P's expectation that the project will be completed on schedule, as well as Chile's sustained economic growth. Autopista Central won a 30-year concession in 2000 to operate 61km of Metropolitan Region roadways: the 40km Norte-Sur and 21km General Velásquez expressways. Autopista, one of four free-flow expressways under construction in the capital Santiago, began a test period this week to determine the number of vehicles using the expressway that do not have free-flow tags and to ensure that sensors are operating correctly. This test phase will run until December 1 when motorists begin to be charged for using the expressway, which will be the first of the four to begin operations. Dragados (48%), Skanska (48%), Belfi (2%) and Brotec (2%) make up the Autopista Central consortium.