Moody's rates Cap Cana's notes B3

Moody's Investors Service said it assigned a B3 rating to Cap Cana, SA's proposed $500 million senior secured notes due 2017.

The outlook is stable.

The proposed notes are rated a notch lower than Cap Cana's existing $250 million senior secured debt, rated B2, because of differences in the underlying collateral, Moody's analyst Philip Kibel said in a written statement.

Cap Cana's proposed $500 million secured notes are backed with a first-priority lien on parcels of raw land in the project, according to the agency.

The stable rating outlook reflects Moody's expectation that Cap Cana will maintain its conservative approach to leverage and stable earnings while meeting sales projections, the agency said.

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