Moody's rates Aeropuertos notes B1

Moody's Investors Service said it assigned a B1 global local-currency rating and an Aa2.ar national scale rating to Aeropuertos Argentina 2000 SA's proposed $150 million class A and class B senior unsecured notes, along with a B2 global local-currency rating and an Aa3.ar national scale rating to its proposed class C notes, which are constrained by Argentina's country ceiling. The agency also said it upgraded its global local-currency corporate family rating to B1 from B2 and its Argentina national scale rating to Aa2.ar from Aa3.ar.

The outlook is stable.

The proceeds will be used to refinance its existing bank loans of about $22 million and to finance about $128 million of additional capital expenditures projects, the agency said.

The upgrade reflects the company's 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 consider a number of factors including the company's virtual domination position coupled with the structure and length of the 1998 concession agreement under which the company operates, the agency said.

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