Moody's cuts Quiport

Moody's Investors Service said it downgraded the senior secured rating of International Airport Finance, SA (Quiport) to Caa2 from B3 and changed the outlook to negative from stable.

This downgrade and outlook change follow Moody's rating action in which the agency downgraded Ecuador's ratings to Caa3 and changed the rating outlook to negative.

“Moody's rating action to downgrade Quiport's rating to Caa2 from B3 recognizes that Quiport has various linkages with the Government of Ecuador. These include the reliance on contracts with the Municipality of Quito under which the airport operates and the tariff setting process that requires Municipality approval,” the agency said in a press release.

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