S&P rates Aeropuertos notes B

Standard & Poor's said it assigned a B corporate credit rating to Aeropuertos Argentina 2000 SA, along with a B senior secured debt rating to the company's proposed $300 million of 10-year notes.

The new bonds will be guaranteed by collection rights and receivables from duty free shops and unpledged international and regional passenger fees, S&P said.

The outlook is stable.

The rating is constrained by its exposure to Argentine country risk and the limited track record of its regulatory framework, S&P said.

The airport operator also is exposed to volatility that is inherent to passenger traffic and dependent on various factors, such as the level of economic activity, international events such as terrorist attacks, geopolitical tensions and epidemics, and the relative evolution of exchange rate, the agency said.

These factors are partially counterbalanced by the company's good competitive position, derived from its exclusive concession to operate 33 airports in the country and a manageable maturity profile over the next four years, S&P said.

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