Fitch upgrades Lima Airport

Fitch Ratings said it upgraded the long-term rating on Lima Airport Partners SRL’s $164 million senior notes due in 2022 to BBB+ from BBB.

The outlook is stable.

The upgrade reflects continued growth in the airport resulting in high financial coverage ratios and low leverage, Fitch said, as well as the strategic importance of the asset as an international gateway with strong regional demand.

Necessary expansion measures under the concession agreement will require increased debt in the medium term, the agency said.

Still, considering conservative investment cost and borrowing assumptions, leverage levels are consistent with the BBB+ rating, Fitch said.

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