Fitch rates Clisa notes B

Fitch Ratings said it assigned Compania Latinoamericana de Infraestructura y Servicios SA B foreign- and local-currency issuer default ratings. Fitch assigned a B/RR4 rating and an A+(arg) rating to the $250 million of senior notes due 2019.

The outlook is stable.

The ratings reflect the company's strong market position as one of Argentina's largest privately owned industrial conglomerates, the consolidation of its operating strategy diversified among different business units, its strong liquidity and moderate leverage, the agency said.

The ratings also incorporate sizeable backlog, which provides some certainty to the company's cash generation over the medium term, the agency added. The ratings are constrained by the company's exposure to devaluation, to the volatility of the construction industry and to collection risk derived from having the government as main counterparty.

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