S&P gives Tocumen notes BBB

S&P said it gave a preliminary BBB rating to Aeropuerto Internacional de Tocumen SA’s planned $1.85 billion of senior secured amortizing notes in two tranches, due August 2041 and August 2061.

“The preliminary BBB issue-level rating on the proposed notes mainly reflects our view of the project's operational risk that's mainly attributable to the relatively low complexity of the operation of an airport with Tocumen's characteristics and a low market risk exposure. We don't believe the project will be exposed to construction risk at this stage. This is because Odebrecht Engenheria (the EPC contractor) delivered in 2020 the new terminal, together with the guarantees associated with the contractual obligations,” S&P said in a press release.

Tocumen will use most of the proceeds to repay its $1.4 billion of senior secured notes, $50 million of its credit facilities, to pay transaction expenses and to fund the Covid recovery account.

The outlook is stable.

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