Corredor Sur Bonds Rated Investment Grade

Fitch has assigned a rating of BBB to Corredor Sur’s $125m 2025 proposed bond issue. Required approval by holders of its existing $150m 2025 issue and by the Panamanian government is expected by the end of November, after which the toll-road concessionaire will issue the new debt via Merrill Lynch. Proceeds of the new notes will fund equity distribution to the concessionaire’s direct parent, ICATECH Corporation, a subsidiary of Mexico’s Empresas ICA. The bonds are secured by toll revenues.