Mexico's Grupo Tribasa is motoring back into the market with a toll-road deal, making this the third securitization from the construction conglomerate since it began shedding the financial difficulties brought on by the so-called Tequila Crisis of the mid 90s. The transaction is relying principally on overcollateralization as enhancement and it comes unwrapped, unlike its first post-crisis deal, which had a surety from MBIA.

"The company no longer has its debt payments suspended," said a source close to the deal, adding that the guaranty from MBIA came at time when the company was harder pressed to win over bond investors. The group's second securitization, issued last December, was also unwrapped.

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