Metro Bonds Rated 'AAA'

Fitch IBCA has rated B-series bonds worth US$43.5mn to be issued by Chile's subway company Metro 'AAA' because the state guarantees their full amount, offering maximum security for investors, Fitch analyst Yvonne Ibanez told BNamericas.com. Metro operates as an independent company, but is 50% owned by the Finance Ministry and 50% by state development agency Corfo. The B-series, to be issued by year-end, will be used to finance existing plans to expand Metro's network in capital Santiago. The placement follows the success of the US$100mn A-series bonds issued at the beginning of July, which Fitch also rated 'AAA'.