Covenant Problems Drop Alsacia to Single B

Covenant Problems Drop Alsacia to Single B

Chile Corporate & Sovereign Strategy

Following Inversiones Alsacia’s recent breaking of a debt service ratio covenant, Fitch Ratings has downgraded the Chilean bus operator to B from BB, it says. The request for a covenant waiver – of which a resolution could come in the next few days – is one of the uncertainties Fitch flags. The agency’s other concerns include the company's future performance and the outcome of the ongoing negotiations to amend the operator’s concession contract. A new deal in May “substantially differs” from an

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