Fitch to rate International Airport notes B

Fitch Ratings said it expects to assign a B rating to the fixed-rate senior secured notes for up to $510 million to be issued by International Airport Finance SA in connection with Corporacion Quiport SA, the concessionaire of Ecuador's Aeropuerto Internacional Mariscal Sucre.

The outlook is negative.

“The rating reflects Quiport's strategic but somewhat modest traffic base, comprising mostly origin and destination (O&D) and leisure-oriented passenger traffic, a history of moderate volatility, and some competition from Guayaquil's Jose Joaquin de Olmedo International Airport, the country's second largest airport,” the agency said in a news release.

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