Moody’s rates Aeris Holdings notes Ba2

Moody's Investors Service said it assigned a provisional Ba2 rating to Aeris Holdings Costa Rica SA de CV's issuance of roughly $127 million of senior notes.

Proceeds will be used to refinance the outstanding loans consisting of roughly $89 million obtained in 2011 from Overseas Private Investment Corp. and Inter-American Development Bank, and $25 million of the IBSA subordinated loan (a loan from the shareholders).

Moody’s said the provisional Ba2 rating is supported by the airport's strategic importance to Costa Rica, where its market share is 80% of total air travel. Handling more than 80% of the country's tourists, a significant portion of its revenues come from international travelers, providing the company with a natural hedge to the domestic economy and related risks.

Recent passenger trends have been positive, with a compound annual passenger growth of 3.2% since 2010.

These growth trends are expected to continue given the better economic prospects for the United States of America, origin of 50% of international travelers, the agency said.

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