S&P rates Aeropuertos Argentina notes B-

S&P said it affirmed the B- corporate and issue ratings on Aeropuertos Argentina 2000 SA and assigned a B- rating to the proposed issuance.

The outlook remains stable.

The ratings reflect a view that the company’s credit quality continues to be limited by that of the sovereign, considering the dependence the company has on the regulator that defines concession terms, sets aeronautical tariffs and mandates investments, S&P explained.

The ratings also consider an expectation of more predictable business conditions for the company and less potential discretional intervention from the government or regulator, which was a major rating factor in the previous base case, the agency said.

The ratings also take into account the company’s solid competitive position as an airport operator that handles more than 90% of the country's air traffic, S&P said.

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