CCR Unit Advances BRL650m CP

Brazilian regulators have approved a BRL650m promissory note issue from Concessionaria do Rodoanel Oeste, a unit of toll road operator CCR. The 180-day notes will pay DI plus 2.1%. The issuer is building the western portion of Sao Paulo’s Rodoanel Mario Covas ring road, and proceeds will refinance debt taken out to finance construction. Itau is managing the transaction, rated F1 by Fitch.