Risk Rises on Corredor Sur Bonds

Risk Rises on Corredor Sur Bonds

Panama

S&P has placed its BBB minus senior unsecured debt rating on ICA Panama's $150m 20-year bonds on credit watch with negative implications. The bonds are backed by collection rights on Corredor Sur toll road revenues. ICA recently agreed to cede control of the road to the Panama government. “The CreditWatch listing reflects our concerns that the government's control over ICA Panama could lead to future actions that limit the project's operating activities and payment capacity,” says S&P. I

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