Moody’s ups Aerodom secured notes to Ba2

Moody's Investors Service said it upgraded the rating assigned to Aeropuertos Dominicanos Siglo XXI, SA's (Aerodom) senior secured notes to Ba2 from Ba3.

“The upgrade of Aerodom senior secured notes rating to Ba2 reflects the recently approved 30-year concession agreement extension that allows Aerodom to continue operating and expanding its business in the Dominican Republic until 2060. The modifications to the concession agreement include the adjustment of tariffs by 13%, with subsequent annual adjustments that incorporate an inflation indexation component based on the U.S. CPI.

Importantly, the contract extension provides the airport higher financial flexibility to continue to benefit from the robust passenger traffic volumes seen in recent years and the expected long-term growth for its service area,” Moody’s said in a press release.

The outlook remains positive.

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