Fitch rates ITR notes BBB

Fitch Ratings said it assigned a BBB rating to the ITR Concession Co.'s expected $670 million private placement notes, series 2019. Concurrently, Fitch affirmed the BBB rating on ITR's $2.9 billion of debt outstanding, including $1.05 billion of series A-C notes, $1.55 billion in private placement notes and a $300 million revolver.

“The rating reflects a stable, mature and monopolistic asset that serves as a vital route for both commercial and passenger traffic, which has shown resilience despite toll increases and economic shocks. It is also driven by a tolling framework that affords for considerable rate-making flexibility. Recently, the state of Indiana enabled a significant 35% increase on commercial vehicle toll rates, which will increase EBITDA and enable future debt issuance in accordance with the legal framework,” said Fitch in a press release.

The outlook is stable.

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