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Announcement:

Moody's affirms Baa1 ratings of Autovia del Camino (Spain); outlook stable

01 Jul 2010

EUR320 million of debt affected

London, 01 July 2010 -- Moody's Investors Service has today affirmed Baa1 underlying ratings, with a stable outlook, to the following loan facilities raised by Autovia del Camino S.A.:

- EUR175 million senior secured loan provided by the European Investment Bank, maturing in 2029

- EUR145 million senior secured commercial bank loan maturing in 2030

Autovia del Camino is a special purpose company which entered into a 30-year concession agreement in October 2002 with the Spanish Regional Government of Navarra to build, operate and maintain a 70km shadow toll road linking the cities of Pamplona and Logroño in northern Spain, including the construction of a number of interchanges and the refurbishment of some 68km of local roads.

"Today's rating action affirms the ratings of the loans at Baa1, following the acquisition by RREEF of an 80% shareholding in Autovia del Camino," says Andrew Davison, Senior Vice President in Moody's Project Finance Group. "The terms of the acquisition include a package of waivers and amendments to the finance documentation which Moody's has assessed as credit neutral in aggregate."

The underlying ratings of the loans reflect: (i) operating revenues which are exposed to traffic volume risk, mitigated by the shadow toll payment mechanism under the concession agreement; (ii) the straightforward nature of operating and maintenance activities and capital maintenance works; (iii) significant leverage, mitigated by robust minimum and average debt service cover ratios and by certain structural features; and (iv) protection afforded to senior creditors by virtue of the compensation on termination provisions under the concession agreement, which would underpin a high level of recovery following early termination of the concession agreement.

The loans rank pari passu senior secured and benefit from unconditional and irrevocable guarantees of scheduled principal and interest under financial guarantee insurance policies issued by Syncora Guarantee (U.K.) Ltd ("SGUK", formerly XL Capital Assurance (U.K.) Limited; rated Ca/developing outlook). If a financial guarantor's insurance financial strength rating falls below investment grade (which is the current position for SGUK), Moody's assigns the higher of (i) the insurance financial strength rating; or (ii) the published underlying rating, to insured debt facilities. Accordingly, taking into account the benefit of the financial guarantee insurance policies issued by SGUK, the ratings of the loans are Baa1.

The last rating action on Autovia del Camino was implemented on 3 November 2008, when Moody's assigned Baa1 underlying ratings with stable outlook to the loans.

The principal methodology used to rate the loans raised by Autovia del Camino was Moody's rating methodology for Operational Toll Roads, published in December 2006 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

Following the acquisition, Autovia del Camino's shareholders are: (i) 80% -- RREEF, the infrastructure investment management business of Deutsche Bank's Asset Management division; (ii) 10.9% -- Grupo Corporativo Empresarial de la Caja de Ahorros y Monte de Piedad de Navarra, S.A., the industrial arm of the largest regional savings bank in Navarra; and (iii) 9.1% -- Global Via Infraestructuras, S.A., an infrastructure company jointly-owned by Fomento de Construcciones y Contratas, S.A. and Caja Madrid.

London
Andrew Davison
Senior Vice President
Infrastructure Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
William Coley
VP - Senior Credit Officer
Infrastructure Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's affirms Baa1 ratings of Autovia del Camino (Spain); outlook stable
No Related Data.
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