S&P assigns Aerostar notes BBB+

S&P said it assigned BBB+ ratings to Aerostar Airports Holdings LLC’s amended 2013 and 2015 senior notes and the new 2022 senior notes.

“The rating reflects our view of the risks to operations of the airport, which we divided into two phases. Each of these phases reflects the airport's reliance on a largely domestic origination and destination (O&D) enplanement base with, in our view, a strong contractual revenue source from the airport use agreement (AUA). During the second phase starting in 2036, we believe this project is more susceptible to environmental events such as hurricanes and that there could be a higher degree of performance volatility,” the agency said in a press release.

The outlook is stable, reflecting the view the project will operate in line with the agency’s base-case forecast and continue to steadily recover from the pandemic, S&P said.

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