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Fitch rates ACI Airport notes BB+
Fitch Ratings said it assigned a BB+ rating to ACI Airport SudAmerica, SA’s $180.9 million senior secured notes due in 2032 in exchange for the $200 million ($186 million outstanding) of senior secured notes.
Holders tendered 93.6% of the notes outstanding. The $180.9 million of new notes refers to the $174.1 million exchanged plus $6.9 million of interest accrued. Fitch’s rating case average debt service coverage ratio remained at 1.3x, and peak leverage marginally decreased to 18.4x in 2020 from the expected 18.8x, the agency said.
Fitch said it also upgraded the rating of the outstanding notes to BB+ from BB and removed them from rating watch positive. “The upgrade reflects the absence of liquidity shortfalls over the short to medium term in Fitch’s rating case as a consequence of the successful exchange offer,” the agency said in a press release.
The outlook is negative.
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