S&P ups Clisa

S&P said it raised its issuer credit rating on Clisa - Compania Latinoamericana de Infraestructura y Servicios SA to CCC from SD and its issue-level ratings on the remaining unexchanged notes to CCC from D. The agency also affirmed the CCC issue-level rating to Clisa's new secured notes that mature in 2027.

Clisa completed the debt exchange of its 2023 notes for the 2027 notes on Tuesday.

“The proposed senior secured notes are rated at the same level as our issuer credit rating. This is because we don't believe there would be relevant structural or contractual subordination. Although the new notes would be secured, we believe there are uncertainties about the value of the collateral (shares pledged) in a bankruptcy restructuring scenario,” S&P said in a press release.

The outlook is positive.

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