Fitch rates International Airport notes B

Fitch Ratings said it assigned a B rating to the fixed-rate senior secured notes on the $400 million 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 ratings reflect Quiport's strategic, but somewhat modest, traffic base, comprising mostly origin and destination 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, Fitch said.

The ratings also consider a tariff setting mechanism that allows for adjustments for local and U.S. consumer prices and the rated debt's strong structural features, the agency said.

Fitch said it believes Quiport's ability to service its debt can withstand domestic economic shocks, supported by the participation of international traffic-related revenues of over 50% of total revenue and the proven resiliency of the concession framework to adverse political environments.

The negative outlook reflects the negative outlook on Ecuador's long-term foreign-currency issuer default rating of B-, the agency said.

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