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Rating Action:

Moody's Affirms Baa1 Rating of Peruvian RPI-CAOs Backed Transactions; outlook stable

25 May 2021

New York, May 25, 2021 -- Moody's Investors Service, ("Moody's") today affirmed the Baa1 ratings assigned to the senior secured notes issued by Lima Metro Line 2 Finance Limited, Lima Metro Line 2 Finance Limited II and Red Dorsal Finance Limited (together the "Notes"). The outlook on the ratings remains stable.

The ratings' action follows the affirmation of the A3 sovereign bond rating of the Government of Peru, and the change of the rating's outlook to negative from stable. For more information on the Government of Peru, please visit www.moodys.com.

Affirmations:

..Issuer: Lima Metro Line 2 Finance Limited

....Senior Secured Regular Bond/Debenture, Affirmed Baa1

..Issuer: Lima Metro Line 2 Finance Limited II

....Senior Secured Regular Bond/Debenture, Affirmed Baa1

..Issuer: Red Dorsal Finance Limited

....Senior Secured Regular Bond/Debenture, Affirmed Baa1

Outlook Actions:

..Issuer: Lima Metro Line 2 Finance Limited

....Outlook, Remains Stable

..Issuer: Lima Metro Line 2 Finance Limited II

....Outlook, Remains Stable

..Issuer: Red Dorsal Finance Limited

....Outlook, Remains Stable

RATINGS RATIONALE

The Baa1 rating assigned to the Notes reflects the contractual obligations of the Government of Peru ("GOP", A3 negative) embodied in the concession and project trust agreements, whereby the debt service payment of the notes ultimately rely upon quarterly payments made from the project trusts, which are funded from the operating revenues from users or clients of the projects when in operations and in the event of any shortfall, by the GOP.

The transactions rely on Retribucion por Inversion - Certificado de Avance de Obras ("RPI-CAO") that the concessionaires obtain as payments from the Ministry of Transportation and Communication (MTC) of the GOP upon reaching construction milestones. Once the RPI-CAOs were delivered to the concessionaire, they were sold to the issuing trusts of the Notes to back debt service payments. Since RPI-CAOs are unconditional and irrevocable obligations of the GOP, the repayment of the Notes are not directly dependent on the operation of the projects.

Although expressly stated not to be sovereign indebtedness, Moody's views the RPI-CAOs ranking equally with all other existing and future unsecured and unsubordinated obligations of the GOP. As such, the creditworthiness of the Notes are linked to that of the GOP.

The outlook stable recognizes the long track record of the GOP budgetary appropriation process considering RPI-CAO repayments. It also incorporates Moody's views that debt service reserve on the Notes have a defined cash waterfall, partially offsetting eventual administrative and budgetary process delays.

Moody's acknowledges that Lima Metro Line 2 Finance Limited and Lima Metro Line 2 Finance Limited II lack a dedicated debt service reserve fund at the Issuing Trust level for the benefit of Noteholders. Instead, a mechanism at the Project Trust is intended to anticipate potential cash shortfalls. In line with the annual budgeting cycle, there is an RPI Reserve Account that is designed to hold liquidity equivalent to four quarterly RPI payments. The RPI Reserve Account will be funded with the project revenues, senior to all other accounts. Until the RPI Reserve Account is fully funded, the GOP will include the full annual RPI payments in its budget for each fiscal year. After the RPI Reserve Account is fully funded, the GOP will budget projected shortfalls according to a defined formula.

Red Dorsal Finance Limited's debt-service reserve is funded by a letter of credit from Banco Nacional de Comercio Exterior, S.N.C. (Baa1 negative). It is initially sized at two quarterly debt-service payments, or $13.8 million. The debt-service reserve will drop to a quarter of the debt-service payment after the latter of (1) two years after closing (to achieve project completion), or (2) when the amounts deposited in the available revenue account of the Project Trust in the four preceding calendar quarters is at least 1.5x the RPIs and operation and maintenance payment obligations for the immediately following four calendar quarters.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given the structure of debt payments which rely on the GOP's ability and willingness to continue to budget and appropriate RPI-CAOs payment obligations annually, the rating of the project is linked to the sovereign rating of the Government of Peru.

The ratings could be downgraded if the sovereign rating is downgraded below Baa1. Additionally, a failure of the Government of Peru to honor any annual payments or concession termination without adequate compensation could have negative implications on the rating.

The principal methodology used in these ratings was Generic Project Finance Methodology published in November 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1194215. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1263068.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Adrian Garza
Vice President - Senior Analyst
Public Proj & Infrastr Fin
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 1 888 779 5833
Client Service: 1 212 553 1653

Cristiane Spercel
VP - Senior Credit Officer/Manager
Public Proj & Infrastr Fin
JOURNALISTS: 0 800 891 2518
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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