Moody's rates International Airport notes B2

Moody's Investors Service said it assigned a B2 rating of to International Airport Finance, SA's amortizing senior secured notes issuance of up to $510 million.

The outlook is negative.

International Airport Finance is an affiliate of Corporación Quiport SA, the concessionaire of Mariscal Sucre International Airport in Ecuador.

The issuer will issue the notes and lend the proceeds to Quiport to repay its existing loans and intercompany loans, Moody's said, and for general corporate purposes.

The ratings reflect airport's role as a relatively new, key and essential asset for Ecuador with modest investment requirements and ample room to grow, the agency said.

The airport also has a diversified carrier base, which reduces volatility of traffic relative to airports with a hub model or with a high concentration on one or a few airlines, Moody's said.

A large share of the company's revenue is derived from international sources, limiting its exposure to the local economy and domestic traffic dynamics.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.