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Fitch Confirms Replacement of Performance Security by Terminales Portuarios Euroandinos

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has been informed by Terminales Portuarios Euroandinos (TPE) that a new performance security for the project's Phase I construction period was issued by Banco Internacional de Peru (Interbank), rated 'BBB-' with a Positive Outlook by Fitch.

Fitch notes that the performance bond issued by Interbank includes the expected provisions and terms aimed at limiting the project's exposure to completion risk, and is consistent with the construction performance security as stipulated in the original transaction documents.

It is also in Fitch's opinion that the stand-by letter of credit (SBLC) provided by Interbank is an adequate mitigant to cover liquidated damages in the event of delays and/or cost overruns during construction of Phase I, and is commensurate with the project's debt rating category.

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Fitch Ratings
Primary Analyst
Omar Valdez, +1-212-908-0713
Associate Director
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Secondary Analyst
Alberto Santos, +1-212-908-0714
Senior Director
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Media Relations
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Source: Fitch Ratings