S&P rates Clisa bonds B-

Standard & Poor's said it assigned a B- senior unsecured debt rating to Compañía Latinoamericana de Infraestructura & Servicios SA's (Clisa) upcoming issuance of up to $20 million two-year bullet bonds.

Proceeds will be used to refinance some short-term debt and for working capital.

S&P said it does not expect the issuance to result in a significant increase in leverage from current levels.

"The ratings on Clisa reflect the risks associated with significant dependence on the Argentine economy and on large government clients, the exposure to foreign-currency mismatch risks, a high leverage level and limited financial flexibility," S&P credit analyst Ivana Recalde said in a written statement.

Factors that help mitigate the company's weaknesses are its competitive position and improved business diversification, the agency said.

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