Moody's gives Ba1 to ACI Airport Sudamerica notes

Moody's Investors Service said it assigned a first-time provisional Ba1 rating to the proposed $260 million guaranteed senior secured notes due 2034 to be issued by ACI Airport Sudamerica, SA.

The outlook is stable.

Proceeds from the issuance will be primarily used to finance the purchase of the issuer's existing notes due 2032 (2015 notes and 2020 notes), fund an interest payment account and repay in full the local notes outstanding under the operating company Puerta del Sur SA (PDS).

Proceeds will be enough to fund the U.S. dollar-denominated interest payment account, make a one-time capital contribution to PDS and to pay all the related transaction expenses. The purpose of the issuance is to extend the life of the debt and support additional capital expenditures required under an amendment to PDS' concession contract, Moody’s said.

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