The rating downgrade reflects Alsacia's lack of payment of the debt service obligations due
The concessionaire announced an agreement was achieved with a group of bondholders that collectively hold over 60% of the outstanding debt to restructure the notes and to forbear from pursuing any remedies under the indenture in connection with the default, for a four-day period that may be extended.
The latter, however, reflects the position of the bondholders of only a portion of the debt. As Fitch did not receive any further information but the concessionaire's notice published on
Alsacia also received termination notices regarding the hedging agreements entered into with
In Fitch's view, the concessionaire's credit quality and performance was largely affected by the restatement of concession effective since
Alsacia and Express are two bus concessionaires of the Transantiago System, which provides mass urban bus/metro transportation services to the
The notes are secured by a first lien interest of total revenues and contract rights, as well as all assets owned by Alsacia and Express, excluding a bus terminal located in Huachuraba.
Additional information is available at 'www.fitchratings.com'.
--'Rating Criteria for Infrastructure & Project Finance' (
--'Rating Criteria for Availability-Based Projects' (
Rating Criteria for Infrastructure and Project Finance
Rating Criteria for Availability-Based Projects
Source: Fitch Ratings
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