S&P lifts Aerodom notes

S&P said it assigned a B+ long-term corporate credit rating on Aeropuertos Dominicanos Siglo XXI SA (Aerodom).

The agency also said it raised the rating on the company’s $550 million senior secured notes due 2019 to B+ from B after the completion the acquisition of Aerodom by Vinci SA.

The airport operator, Latin American Airports Holdings Ltd., the previous owner of Aerodom, used to guarantee these notes.

The outlook is negative.

On April 8, Vinci completed the acquisition of 100% of Aerodom’s shares from Latin America Airports through two newly created special purpose vehicles: Vinci Airports Atlantica SAS and Vinci Airports Dominicana SAS, both of which Vinci Airports SAS owns.

The acquisition is in line with Vinci’s diversification strategy that intends to transform the group into a global player in the airport industry, S&P said.

The two newly created vehicles don’t have other assets apart from Aerodom or any liabilities, the agency said.

S&P said it assigned a B stand-alone credit profile and B+ corporate credit rating to Aerodom, reflecting its moderately strategic subsidiary to the Vinci group.

The ratings reflect the company’s fair business risk profile and highly leveraged financial profile, the agency said.

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