OREANDA-NEWS. Fitch has assigned the following rating to the senior secured variable funding notes (VFNs) issued by Red Dorsal Finance Limited (RDFL), a LLC incorporated in the Cayman Islands:

--Series 2015-1 Senior Secured VFNs due on 2031 'BBB'; Outlook Stable.

The rating addresses the timely payment of interest and principal on a quarterly basis.

The notes issued by RDFL are backed by investment recognition certificates (Retribucion Por Inversiones [RPIs]) related to the construction and design of the Red Dorsal Nacional de Fibra Optica (RDNFO) fiber optic network in Peru.

KEY RATING DRIVERS

Fitch's rating reflects the following: (i) mitigated exposure to construction and performance risk; (ii) reliance on the sovereign contingent guarantee; (iii) moderate exposure to budgetary approval risk; (v) adequate liquidity; and (vi) early redemption protections that ensure noteholders will be made whole upon the occurrence of a Commitment Termination Event (CTE).

The above mentioned characteristics allow the transaction to be rated one notch below Peru's 'BBB+' foreign currency (FC) Issuer Default Rating (IDR).

RATING SENSITIVITIES

The rating is sensitive to changes in Peru's FC IDR. Additionally, any change in Fitch's view regarding the strength of the sovereign contingent guarantee may affect the ratings assigned to this transaction.

TRANSACTION SUMMARY

The notes issued by RDFL are backed by RPIs related to the construction and design of the RDNFO fiber optic network in Peru. RPIs are unconditional and irrevocable rights to receive through the Project Trust a series of 60 quarterly payments of a fixed amount denominated in USD.

Amounts under the VFNs will be drawn in seven consecutive advances on fixed dates.