Fitch rates ACI Airport notes BB+

Fitch Ratings said it assigned an expected BB+ rating to ACI Airport SudAmerica, SA's $260 million of senior secured notes (2021 notes) due in 2034 in exchange for the $200 million ($207 million outstanding) senior secured notes. The outlook for the 2021 notes is negative.

The agency also revised the rating watch on the B+ rating of the notes due 2032 to evolving from negative.

“The ratings of the proposed exchange offer are driven by Carrasco International Airport's (MVD) strategic but modest traffic base and its strong origination and destination (O&D) share of passenger traffic. They are also supported by the addition of six regional airports with a $67 million capex plan, which will allow the concession to be extended up to 2053, and a dual-till tariff regulation. Debt will be issued at the HoldCo level and will benefit from a springing guarantee from Puerta del Sur SA (PDS or the Opco),” Fitch said in a press release.

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