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S&P affirms six Chilean bond-insured transactions
Standard & Poor's said it affirmed its AA rating on six Chilean bond-insured transactions and removed them from CreditWatch negative following the similar action on the financial enhancement rating on MBIA Insurance Corp. and Ambac Assurance Corp. taken on Aug. 14.
The outlook is negative.
The agency said that the ratings on the affected Chilean transactions reflect MBIA and Ambac's unconditional and irrevocable guarantee of payment of scheduled interest and principal on the notes, according to the transactions' terms.
S&P added that issuers having ratings with bond-insurance provided by MBIA include: Sociedad Concesionaria Autopista Central SA, Autopista del Maipo Sociedad, Sociedad Concesionaria Vespucio Norte Express SA, Talca-Chillan Sociedad Concesionaria SA and Chilquinta Energia Finance Co. LLC.
The agency noted that the issuer having ratings with bond-insurance provided by Ambac is Sociedad Concesionaria Costanera Norte SA.
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