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S&P cuts Macquarie Infrastructure
S&P said it downgraded Macquarie Infrastructure Corp.’s issuer rating to B+ from BB.
The downgrade follows Macquarie’s sale of its IMTT Holdings LLC that was its largest subsidiary. S&P said it lowered the rating to equalize it with the firm’s Atlantic Aviation FBO Inc., which is expected to provide more than 80% of Macquarie’s EBITDA in 2021.
Concurrently, S&P revised its outlook on Atlantic Aviation to stable from developing and raised the issue-level and recovery ratings on Atlantic Aviation’s secured term loan to BB and 1, respectively.
The outlook is stable.
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