S&P gives Fortress Infrastructure notes B

S&P said it assigned its B issue-level rating and 3 recovery rating to Fortress Transportation and Infrastructure Investors LLC's proposed $500 million of senior unsecured notes due 2028. The 3 recovery rating indicates an expectation for meaningful recovery (50%-70%; rounded estimate: 55%) in default.

The company will use the proceeds to fully redeem its $400 million of senior unsecured notes due 2022 and allocate anything remaining for general corporate purposes.

“Our B issue-level rating and 3 (50%-70%; rounded estimate: 55%) recovery rating on FTAI's existing $850 million senior unsecured notes due 2025 and $400 million senior unsecured notes due 2027 remain unchanged,” S&P said in a press release.

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