Moody’s rates Aeroports de Montreal bond A1

Moody's Investors Service said it affirmed the A1 senior secured rating (and the a1 baseline credit assessment, BCA) assigned to Aeroports de Montreal (ADM).

The outlook remains stable.

Concurrently, the agency assigned an A1 rating to the 30-year series N senior secured bond expected to be issued by Aeroports de Montreal in an amount of up to C$250 million.

Bond proceeds will be used for general corporate purposes, including capital expenditures.

The new secured debt will be documented under Aeroports de Montreal’s master trust indenture dated April 10, 2002 and thus will rank pari passu with its existing senior secured debt.

Moody’s said the affirmations of the A1 senior secured rating and a1 BCA reflect Aeroports de Montreal’s continued material passenger growth (+6.9% in 2016), and the maintenance of solid credit metrics in spite of a sustained capital expenditure program and debt issues that will continue in the next five years.

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