S&P rates Aeropuertos Argentina notes CCC+

S&P said it assigned its CCC+ issue-level rating to Aeropuertos Argentina 2000 SA's expected 8˝% senior secured notes due 2031, in exchange for the outstanding amount of its series 2017 and 2020 notes due 2027.

The rating is the same as S&P’s credit rating on Aeropuertos Argentina 2000, given that there's no structural subordination, the agency said.

“If the exchange occurs, it will alleviate the company's financial needs in 2022 and 2023 by removing a significant portion of principal maturities related to the existing series 2017 and 2020 notes, and other bank debt in the domestic market. Also, as the new series 2021 incorporate a four-year grace period for principal payments, it would further lengthen the company's debt maturity profile, resulting in a more manageable capital structure,” S&P said in a press release.

The agency said if the exchange is completed it will reassess the company’s liquidity and capital structure.

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