Moody’s has upgraded the foreign currency senior secured discount notes issued by the Peru Enhanced Pass-Through Finance to Ba1 from Ba2 following an upgrade of the foreign currency bond rating of the sovereign. The special purpose entity issues project notes to finance the construction of two segments of Corredor Vial Interoceanica Sur Toll Road, sections 2 and 3. Moody’s says the rating of the notes reflects the importance of the highway segments which are the subject assets of the 25 year concession agreements between the concession companies – Concesionaria Interoceanica Sur, Tramo 2 and Concesionaria Interoceanica Sur, Tramo 3 – and the government. The concession agreement provide for the construction, maintenance and operation of the two segments. However, the sources of repayment for the notes are annual payments from the state.
