Fitch rates Tocumen debt BBB

Fitch Ratings said it expects to assign a BBB rating and AAA(pan) rating to Aeropuerto Internacional de Tocumen SA’s $625 million senior secured debt due 2036.

The outlook is stable.

Fitch also said it affirmed the ratings on the company’s $650 million senior secured debt due 2023 at BBB, AAA(pan) and AAA(slv).

The agency’s actions reflect the successful execution of indenture modifications to raise additional capital to finance the company’s vital south terminal expansion and the airport’s strategic position as the main gateway to Panama, an established origin and destination and transit facility with proven stable and growing demand, Fitch explained.

The airport’s flexibility to adjust tariffs when needed and the manageable turnaround cost per passenger help mitigate the company’s highly leveraged capital structure, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.