Moody's rates Aeropuertos Argentina notes B2

Moody's Investors Service said it assigned a B2 global scale rating and Aa3.ar national scale rating to Aeropuertos Argentina 2000 SA's proposed $300 million notes due in 2020.

The ratings on the company include a B1 global local-currency corporate family rating and Aa2.ar national scale rating, B2 and Aa3.ar on the $300 million proposed notes due in 2020, B1 and Aa2.ar 75 million in Argentine pesos bank credit loan.

The agency also said it affirmed a B1 global local-currency rating and an Aa2.ar national scale rating on its class A and class B senior unsecured notes and a B2 global local-currency rating and an Aa3.ar national scale rating on its class C senior unsecured notes.

Moody's also said it changed the outlook to positive from stable

The Argentine country ceiling constrains the ratings on the notes, given that they are denominated in U.S. dollars, Moody's said.

The ratings reflect its recent improvements in credit quality and overall credit metrics due to the final agreement with the national government to increase the aeronautical tariffs that began in March 2009, Moody's said.

The ratings also consider a number of credit factors that include the company's dominant position in its business and the structure and length of the 1998 concession agreement under which the company operates, the agency said.

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