Fitch Chops Alsacia

Fitch Chops Alsacia

Chile Corporate & Sovereign Strategy

Fitch has downgraded Inversiones Alsacia’s rating to CC from B, it says, based on a “heightened risk of default.” The Santiago bus operator’s Ebitda continues to shrink while debt service increases in accordance with the original amortization schedule. The agency also finds it will be difficult for the Chilean company to keep debt reserve accounts and maintenance accounts funded. “The operating contract amendment of May 2012 heightened the project’s risk profile by significantly increasing the l

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